Great Home In DFW Area!
I have found a great deal in the town of Flower Mound Texas near dallas. As anyone in the dallas area knows, Flower Mound is a great area to buy right now. Anyways, I am in a bind. I have found a neighbor in my area who is needing to sell her hom ebecause of divorce, and financial reasons. The home is assessed at $140,000 (per county tax). After a market analysys, the area homes are selling at around 145- $158,000. I have talked to her about selling me the house in which she is willling too. I offered $80,000 in which she accepted. Her mortgage balance is $18,000. After researching her property, I found it had $12,000 in leins in which they would have to be paid off before financing through Wells Fargo Bank. I do not have $12,000 cash but do have great credit and another property that is paid off. The problem is that I can not retrieve the money fast enough or in time to purchase this property even if I tried to pull equity out from my other property because this would take 30-60 days depending on appraisal and bank. Can anyone suggest an option I can utilize. Buying this property would probably net me $40,000 after repairs, paid leins, and mortgage balance.
In addition, after finding out about these leins, she lowered her accepted price to $65,000+12,000(leins) for a total of $72,000. Forgot to include this detail
Tex, why don't you try a Hard Money Lender in your area? Good Luck, HerbK
The Dallas area has some very good hard money lenders who will move very fast. Since you only need the money for a short time you need to get this deal done before someone else does.
I'm a little confused. Why do these liens have to be paid off before closing? I have several times bought buildings with such problems. The title co. deducts enough to pay the liens from the sellers proceeds, pays the liens, takes care of getting releases, disburses the rest of the money to the seller.
Is your lender insisting onthese liens being paid first? If so, why?
First of all, I thank everyone who responded to me. Well, as it goes, my bank (Wells fargo Mortgage) is requiring that the leins be paid off first. Reason, I don't know. As far as the Hard Money Lenders in DFW, Can anyone recommend a Hard Money Lender? :-?
I have been using Acquisition Funding Source for about a year. I have done 4 or 5 deals with them and they are great. E-mail me and I will get you contact info if you would like.
Mike
You can find some here http://aireo.com/index.shtml
Feel the power of networking with those that do.
I appreciate all your information on this issue. Thank you!!! :-D
we can help you do this deal straight up if interested, give me a way to contact you. Jeff