Hi, I figured that I would turn here since so far everywhere has been a dead end.
We're approved to purchase this property with a 203k loan due to it needing rehabs. but the seller (its REO) will only accept a cash offer on the house. They have refused every single reasonable offer we have put in on the property. The asking price is 140k
and it's in central indiana, the house will have instant equity, We need a way to secure private funding for the home. we have 3 decent incomes, and are already approved for our own financing. does anyone know how I can make this happen? I would love to find a private lender that can help, We have a decent amount ofcash on hand, but some of the private companies want 40+ % We could really use this home as our jumping point to rent out our 2 other properties. (we're combining households)
This house is large enough for all of us, meets our handicap requirements, and is really an Ideal home for us. So we don't want to give up on it. any and all help apriciated. it would be a short transaction period since we're already approved for the correct financing.
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@Matthew Collins it sounds like this will be a personal residence and not an investment [non owner occupied]?
If so, most hard money lenders won't lend on personal residences.
Since you have good incomes [I assume W2] have you asked your local State Banks and Credit Unions for a construction purchase loan? Maybe you can use collateral from another property to use for this loan so it will "look" like a cash offer to the seller? Just a thought.
Have you offered 140k, with a 203k preapproval? It may be the price, not the financing.
I've not tried any options like that so far, but our current homes neither of them have enough equity to come up with 140k.
@wayne brooks I've actually offered over asking price and they still refuse.
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