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Nov 10 '09, 07:29 AMHey All,
I've been working to find a family a new home for some time. I found them one they really want. My original offer was rejected by the bank and I can't go higher due to my HML terms. I really want them to get this house, I need not to profit from this anymore. So if anyone can help. Deal is below.
REO, bank is asking 375K ( my offer 215K rejected). It has an open permit and no CO. Open permit is a 1fam to be converted to a 2fam. I have the DOB paperwork if needed. The work is done but you need to contact the original architect. It is a big corner property lot and has a 3 car garage. The first and second floor are a complete 2fam. But previous owner made the 3rd floor attic into another apartment which can be legal but not sure. The listing is multifam 5beds, 3bath, 3 kit, 3 car garage. Looks to be around 20k in repairs but also depends if you can keep it a 2-3 fam or have to convert back to a 1fam.
Bank is only looking for a cash offer. My client (the family) was going to put 15K down to lock down the house for me to buy it cash with my HML. I can't go higher on my offer that was rejected, bank may be looking for an offer above 300k. cash. The family will buy it from you at most 430K. They are already approved for a loan for that much and there down payment can lock them down for you as there end buyer. Obviously they won't be able to purchase after 90 days due to seasoning so there is holding costs. If you run the numbers the profit margin is tight hence my original offer of 215k. So if you can help to purchase this property and resell to my client that would be great. I don't need to make anything. Thanks
