Real Estate Agent · Sandy, UT · Member since 2018 · 19 posts · 3 votes
Hello BP! I'm a newbie Realtor in Salt Lake City and I'm hoping to get some insight on short notice. Window shopping through my dream neighborhood I found a house in a great location and in the style my wife always points out. Remarks read "LAST CHANCE BEFORE HOME GOES TO FORECLOSURE. MUST CLOSE BY THE 30TH. CASH ONLY." I'm still new but my CMA's show its worth $390000-$450000 and its selling for $310000 as a short sale. With no built connections what are my options for cash purchase by the 30th?
@Travis Bryant i just found the listing. Don’t be discouraged! From what I can tell $310,000 may have been a previously approved price. Call the agent and find out how many banks are involved. I have a hard money connection but he typically needs 20% down and finances the rest. I would contact Paul Margetts with peoples mortgage. Tell him Cherie told you to call. Tell him the situation and he is the best at making things happen. If there’s a way he will figure it out for you. He has referred me to the hard money lender multiple times before as well. You are welcome to call or text if you have any questions.
First of all, the short sale listing price is irrelevant....the lender has to approve any short sale price. Highly unlikely the bank would let it go for this price, they are looking for close to market price.
As for raising the cash, only you can answer that, seems unlikely since you are asking.
@Travis Bryant I would look for hard money lenders in your area. Yes, you would borrow at 10-15% a year, but the idea is to take out a traditional loan as soon as you get the property, to pay off the high-priced hard money lenders who lent you the money. I believe, that within the 1st half a year of ownership, you can get the traditional financing from a bank based on the delayed financing exemption principle, which allows you to take out a traditional loan with the first half a year of ownership.
@Travis Bryant i just found the listing. Don’t be discouraged! From what I can tell $310,000 may have been a previously approved price. Call the agent and find out how many banks are involved. I have a hard money connection but he typically needs 20% down and finances the rest. I would contact Paul Margetts with peoples mortgage. Tell him Cherie told you to call. Tell him the situation and he is the best at making things happen. If there’s a way he will figure it out for you. He has referred me to the hard money lender multiple times before as well. You are welcome to call or text if you have any questions.