New To The Buisness
Need help with the following deal
Property was bought in March of 2006,at the time it needed repairs some repairs where done hooked up with a contractor from hell ran out of money house is now behind in payment i want to save the house purchase price was 1,000,000 the market in my area has not realy increased withen the pass year. my first thoutht would be a short sale what do i do. Is this the best option for me what steps do i take to do a short sale. Help
If this is not a Multi Family Property it should be on the residential side. Probably under Rehabbing. Moving this topic.
Hello,
I just wanted to introduce myself.
This site is SUPER cool.
I look forward to learning more.
Thank you.
where is the property you purchased, I wouldnt short sell, at your market the bank would rather auction it.
consider taking in a partner.
What’s his tax bracket? Just multiply that times the $30k.
But be careful, if you’re getting a new loan, what you’re doing is loan fraud. And those signed papers won’t protect you at all. In fact, they are probably what would help convict you if caught.
From what I understand, it is not loan fraud if everything is disclosed on the HUD-1 and is approved by the bank. Of course, the challenge is finding a bank that will agree to fund the rehab with cash from the initial purchase.
Godd Luck.
JS.
Ask your broker first if he has a lender that will allow this. There are a few lenders that do on a case to case basis, though 30K is alot on a $175K house. Also does you appraisal state the home needs that amount of renovations? If it does then that itself may bump you nto the rehab loan area itself.
if yur credit is good you could do a rehab-perm loan. One time closing, so you save on closing costs.
Anything outside the HUD is considered illegal,sine lender isnt baseing the loan on all the facts, and these days its not a good idea, no matter how grey area your attorney tells you it is. Plus its all documeted as previous post stated, which if things go bad will come back to bite you.
There is too much mortgage fraud in the news dont get caught up in this over 3oK. Do the loan right and make more in the long run.
I have the same question but the amount is $4K( renovation and upgrade money), the seller agreed.
Q1. Does anybody see an issue with $4K vs. 30K?
Q2. What are the words, ....?
Can you guy help how to write this?
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