Ok guys I need help! I have a decent deal in place, but the seller doesn't want to deal with any 3rd party funding. I found a hard money lender but they need a signed agreement between me and the seller before they can issue funds. This would be my 1st deal and it's been extremely tough finding funding with no experience under my belt. I don't want to let this deal go and the seller is STERN! He has even made shots at me for being a "beginner" and even told me I didn't know what I was doing and that I needed to get it together or don't worry about it. What do I do? I have no other way to come up with the money to buy this house, and the seller does not want to go through a 3rd party. The seller wants 30k and the ARV is 102k. Should I let it go?
1 - Everything you've written here tells me the seller is right when he says you are a "beginner".
2 - The HML should be getting the Purchase Agreement from you...not the seller, because you should have a copy of the one you signed with the seller. You do have the transaction/sale agreement in writing...right?
3 - Why are you doing a "decent deal"? You should be only doing good to great deals...and don't say, "it's because it's my first one".
4 - Based on your "inexperience", I would not recommend you use a HML anyway.
5 - The seller isn't the one "going through a third party"...you are. When you use a HML, the loan money shows up either at the closing...or before...depends on the HM Lender. The seller gets paid either way. To the seller, this is a cash deal.
If the seller won't sell to you without a down payment there isn't much you can do. The best suggestion I would have is put up some earnest money that you are willing to lose if the deal falls apart and shorten the escrow and contingency periods. That will make them feel a bit more at ease. Might not be enough but if it is as good as you say it is it may be worth a shot.