Short Sale Financing
Can I get purchase and rehab money at closing on a short sale deal with a credit score in the 580's? The house will have approx. $40 - 50k in equity and I'm looking at around 10K for improvements.
Can I get purchase and rehab money at closing on a short sale deal with a credit score in the 580's? The house will have approx. $40 - 50k in equity and I'm looking at around 10K for improvements.
Try Private Money. Read this article....
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&sid=437
BAMZ
I would first explore your bank connections perhaps an equity loan on another piece of property that you own.
Failing that you must find a private lender who will charge points and a high interest, but if the deal is worth it, well go for it. With great care, easy to get upside down in this situation.
Your credit score needs to be worked on. If all else fails this might be your moment to go PartnershipLL with a person with good credit.
Always difficult but thank god correctable.
Lucius <IMG SRC="images/forum/smilies/icon_cool.gif"> [ Edited by Lufos on Date 01/24/2004 ]