Hard Money + Title
I've heard that a hard money lender will not lend on houses purchased at the courthouse steps. In North Carolina (Wake County) there is a 10% minimum required during the 10 day period, after which title is given to the property. If I was to front the 10% would a hard money lender cash me out following the transfer of title?
you need to get solid financing or money before you give the clerk of courts 10% for the down payment, I hope you know that is non-refundable
[addsig]
Hi jfreud,
I have never heard of an HML loaning dollars for a sherrif sale. I'm not saying that it is impossible, but highly unlikely.
The good news is that I know FOR SURE, that you can get a Private Money Partner to not only front the 10%, but also the bid payoff amount for the purchase. If you know your game well enough, it is very easy to get players on your team!
Best of Success!
BAMZ
One more thing You won't get the deed as soon as you pay the rest of the money. The deed has to go through a process that takes at least eight weeks in my area.
[addsig]
That is a good point, all states are different. In Floirda you can get your sheriffs deed in 10 days, in my state of Illinois it is generally 30 days after the sale.
BAMZ
Thank you all for the good input. Bamz - do you have any preferred methods for finding private money lenders willing to finance for auction purchased houses.
jfreud,
Honestly . . .sheriff sales are much more risky than simply doing a prefor. In order to stretch a PMP to do fund sheriff sales, you will need to prove to them that you can successfully complete smaller / lease risky transaction first.
After a few successfully completed deals, your PMP will be much more open to other opportunities (Ie: Auctions) that you can let them in on. I wish I had a magic or faster answer than that, but that is simply the way that it works!
Best of Success!
BAMZ
[addsig]
Sounds reasonable... thanks.