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David Sicherman
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  • Lake Worth, FL
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Short sale POF & Funding help, I already have it sold, just need to close.

David Sicherman
Pro Member
  • Vendor
  • Lake Worth, FL
Posted Nov 13 2014, 20:26

I had a property that I was wholesaling, needed a complete rehab down to the studs as a hoarder lived there, highest real offer I got was $155k, I had it under contract for $171k. ARV was easy 220k best day $235k with $40k rehab and it's in an awesome neighborhood.

Told the seller he needed to shortsale, he agreed, my shortsale specialist I networked with here said the lender is cooperative and we are at the point where they are waiting for my POF to send for decision... the offer price is $97k, and the attorney said it's most likely they will approve at that price or near it as the place is in horrible shape and it's a hoarder house.

So I was going to Fund this myself from an IRA using the 60 day rollover deal, but the bank didn't accept my POF letter, they want bank statements in the company name showing the balance as POF.

Other than risking not getting my money back in my IRA fast enough to avoid penalty, what is the best option here? Can I take a loan for just a few days to show the bank statement, then right before closing either use my IRA/other loan? I have buyers from $120k - $155k on this one.

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