Lead Distribution Forum / Website?
I am new to this site, so my apologies if this is a stupid question... my financing fell through on a deal I was putting together and I need to refer it to someone immediately. Is there a reputable website where one can exchange lead information? Thanks.
I am not familiar with another particular website but would be interested in knowing a more about the deal that you were trying to put together. The more specific you can be, the more help that you can receive from the people on this website. Thanks!!!!
This is a condominium property in Vancouver, WA (near Portland, OR) in a 52 unit complex. Current owners can barely afford payments, but have managed to keep current so far. Property has appraised at $80k, they agreed to sell it to me for $66k (what they owe). HOA fees are $150 / month and taxes are about $900 per year. I tried to finance this through Wells Fargo (all my other loans are through them) with 5% down. It took a month for them to respond to me, and they said they wouldn't finance without a higher down payment because more than 10% of the units in the complex are owned by one investor (this property was converted from apartments several years ago and the orginal owner kept several units as rentals). I agreed to put 20% down, and they re-processed the loan through another division of the bank. This took another 2 months. Again, they rejected my request, this time with the response "insufficient financial benefit under lender benefit test", whatever that means. Bottom line, I've tied up this property for 3 months, the sellers are desperate, and I am unable to do the deal. I am looking to recover my $500 ernest money, my $400 appraisal fee through a referral to another investor and walk away from it.