Updated over 8 years ago on . Most recent reply
- Rental Property Investor
- Baltimore County Maryland and Tampa Florida
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Help me help my buyer close on my property.
I could use your thoughts, fellow investors! Selling is a new thing to me and I have one of my rental properties under contract. It is a 2-unit property in Dundalk, MD.
The buyer called me this morning to explain that his lender first told him he'd need 5% down. After weeks of terrible communication, he finally got someone else on the phone because the closing date was approaching. This person told him because it's 2-units, they require 20% down. This is a big roadblock for him.
He will be looking into other lenders today and tomorrow. Would any of you have recommendations?
We also briefly discussed some sort of seller-finance option. If I currently have a mortgage on the property, how would such a thing be structured?