Real Estate Investor · Tampa, FL · Member since 2008 · 456 posts · 42 votes
I have an approved short sale. The buyer is lined up. I'm in Florida, the house is in Arizona. No Florida HML that I've called will touch it out of state. Any have any suggestions?
Real Estate Lender · East Longmeadow, MA · Member since 2009 · 176 posts · 21 votes
17y
Karen, I am a hard money mortgage broker. I work with several lenders who fund these type of loans in Arizona. These lenders want borrowers to have some of their own money into these transactions. They also want to take a look at a credit report to make sure bills are being paid - not score driven. Please contact me for information. I'd be happy to discuss details of this purchase with you.
Real Estate Investor · Tampa, FL · Member since 2008 · 456 posts · 42 votes
17y
TY but for any future offers of this type I was one that got caught w/ too many properties when the landslide hit so my credit sucks. I'm still in the process of disposing of my own properties by means of short sale. So by all reasoning, those bills aren't being paid. I have no doc, no credit check lenders I work with within the state but none will work with me out of state.
Real Estate Investor · Tampa, FL · Member since 2008 · 456 posts · 42 votes
17y
No, the property I am buying is presently owned by a client. I have done short sale negotiations as a major part of my business for several years. But I started out as a rehabber. Well we all know what happened here in Florida so from rehabber to landlord to not getting enough rent to make the mortgage payments became the trend. Hey, I'm good at short sales. Why not do it for myself.
Real Estate Investor · ten mile, TN · Member since 2009 · 1k+ posts · 374 votes
17y
From your description, some lenders could consider it as you doing such, and this makes it harder to do, IMO.
I think this is why you are having some problems in this area, but will have to leave it to Joel and others in this business to advise you on how to get past this.
Real Estate Investor · Tampa, FL · Member since 2008 · 456 posts · 42 votes
17y
I never tried to do this before. Typically with short sales I only need transitional funding. With a flip here within the state, I can can get a hard money loan as I said above, no doc and no credit check. This is a special case. The short sale is approved, the buyer in place but there have been so many "issues' and the short sale process has been dragging on and on prior to my coming on the scene that the lender has said we have until the 25th of this month to get it sold. The buyer needs 30 days to close. I'm merely trying to secure the property until the end buyer can close.
Real Estate Investor · Tampa, FL · Member since 2008 · 456 posts · 42 votes
17y
Let me also clarify what I mean when I say short sale my own. I gather all the documentation needed, assist with the comps and even the BPO but I turn the actual negotiation over to another investor to handle. Considering the fact that when the owner short sales a property they are not allowed to get any proceeds from the the sale, I think the lenders of the homes I own would pretty much have hemorrhage lol!
Real Estate Investor · Tampa, FL · Member since 2008 · 456 posts · 42 votes
17y
Found it lol! The key was I was asking the wrong people. For future reference for anyone else facing a similar problem look for a "private" money lender. They're more willing to work with you based on the deal rather than their "criteria".