Offer with conventional loan declined, what else might work?
Hi Folks,
Seller declined our conventional loan offer (225k, full asking price), seller and her agent don't think the property will pass appraisal/inspection process (needs roof/siding/decking work). They are holding out for a cash offer, but if they don't get it they said they might work with us.
We are pretty hot on this place, so I'm just wondering about various financing options:
A 203k loan would be a good fit, but I currently have an FHA loan, so can't do another one right now. Any other loans out there like an FHA?
Our conventional loan offer was 5% down, instead of the typical 20%. Our loan guy says it doesn't matter because the same appraisal process will happen regardless of the amount down, but I'm wondering if more down would make a difference.
I've never really explored hard money or other such routes, so I don't know if that would be an option. We don't have a lot to put down (maybe 20k tops going on current funds)
It is a good deal, but not a crazy below/off market deal, so not sure investors would want to jump in and fund. Seems like a great place to fix and hold.
I could go max out my friends/family/crowdfunding options, but that probably wouldn't get me much beyond 20-30%...
Anyhow, let me know if I'm missing something in terms of a strategy that might appeal to this seller.
Thanks,
-Orion