Investor · Lithonia, GA · Member since 2012 · 231 posts · 43 votes
Hi all,
Need some advice. I am currently under contract for a property in the Atlanta area and was going to go through the conventional route. Only problem was that the appraisal came in "subject to" repairs that will need to be made on the property. The Bank can do a renovation loan but that will take 30 days. Closing is scheduled for the 12th of October. I have asked for an extension but do not know how likely this is
I talked to a few private money sources but I don't think that will be the best option because I want to refinance out conventionally and unless you are doing a rehab loan it appears there would be prepayment penalties associated with this.
The purchase price is $70k and I think I have about $77k in liquid assets. If you were in my position what options would you take?
Most sellers grant extensions for closing, it is more work to re-list and show a property than to just grant the extension. Are these repairs you can possibly get the seller to make or give concessions for?
Oh, that is not likely they will extend then. Typically short sales take so long and the seller is the lender so they are used to being in control. They will figure if you can't close after it taking so long then you won't be able to.