Cleaning Hard Money ???

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Kermit M.

Real Estate Agent from Virginia

Jun 29 '11, 05:16 AM

I have an REO transaction that has been dragging on for almost 2 months now. It started as a simple flip. This is scenario:

-House has ARV of 120k
-We are under a JV agreement to purchase the House for 30k private funds.
-End buyer has been qualified for loan for purchse price of 65k.
Now JV funding is dealying process because buyer has another residence.
JV funder was supposed to play a transactional role with funding the purchase at 30k and would get cashed out when property was flipped to end buyer at 65k.
I know this is a fairly simple transaction.
This is my first creative transaction with a deal this small. I just dont see why there is a delay with a straight forward transaction.Does anyone have experience with these type of transactions? From that experience is there any unknown variable(s) I am missing?

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