Bude, MS · Member since 2014 · 144 posts · 9 votes
My home is mortgaged with QL, even i got the property almost a year ago, i asked the loan officer how soon could i do an HELOC he says 6 months, next month makes a year. I called the other day to get the ball rolling, meanwhile i made an offer on a property $11k, $15k rehab, ARV $60k. The offer gets accepted and the guy calls back to say im not seasoned yet, wait till Aug. Meanwhile i have this property under contract.
Problem #2: I work for my parents, I'm paid cash, I'm a licensed embalmer, i file a loss on my taxes.
Does anyone know of anyone lending or extending credit lines to someone in my position. First time I've done this and i know i put the horse before the cart. Which is why im asking for help.
My home is mortgaged with QL, even i got the property almost a year ago, i asked the loan officer how soon could i do an HELOC he says 6 months, next month makes a year. I called the other day to get the ball rolling, meanwhile i made an offer on a property $11k, $15k rehab, ARV $60k. The offer gets accepted and the guy calls back to say im not seasoned yet, wait till Aug. Meanwhile i have this property under contract.
Problem #2: I work for my parents, I'm paid cash, I'm a licensed embalmer, i file a loss on my taxes.
Does anyone know of anyone lending or extending credit lines to someone in my position. First time I've done this and i know i put the horse before the cart. Which is why im asking for help.
Have your Realtor let the sellers agent know that you can't perform because of financing. There should be some type of contingency in the contract that will allow you to get out of it and get your EMD ( Earnest Money Deposit ) back. Or you can ask for a longer escrow and see if they'll give it to you.
Shaun, the seller might agree to an extension but will likely want some form of compensation. This happened to me once, and the seller wanted the deposit increased by $20k before she would agree.