Patch of Land private money on my first purchase
I made a solid offer on my first fixer upper SF house in Bremerton, WA today. It's an REO reverse mortgage foreclosure and my agent had to do a bit of convincing to the listing agent that the private money from Patch Of Land is as good as a Hard Money loan. Since it's been listed for over 90 days, I offered 4% less than asking, even though the HUD guidelines say they can't take lower than full price...my thinking is that it's a better offer than they'll get when lowering it 5% at 120 day on MLS.