Buying tax-delinquent or property or a diseased person with financing
Hi BP community,
I have two leads, one for a tax-delinquent property and the other one for a house of a diseased person.
The problem is that I can't offer full cash for the purchase price and have to use financing.
To me, it seems like the only "comfort" I can provide to the owners in such cases is facilitating things with a cash offer.
How would one approach this with financing? Is it even possible?
Thank you,
Sorry for the typos in the title. The title should be
"Buying a tax-delinquent or a deceased person's property with conventional financing"
I would appreciate it if a moderator could fix it and delete this comment.
I'm not sure if you have the money for a down payment but look into transactional funding & construction loans (if you plan on rehabbing yourself) offered in your area.
You should still be able to assign your contract assuming you have a buyer lined up that wants the property before you go binding with the seller.
Another option is to double close and use pass through funding or use a Transactional Lender to fund your purchase allowing you to then sell it the same day to your end buyer. Then instead of you bringing your own cash to the closing, you can use funds from me or another lender for that purpose. :)
It's the same process as any wholesale deal, just a different niche you're targeting. It would be different if it were an auction property where you must bring your cash to auction and you won't be able to assign your contract or sell it same day, that would require another loan type, your own cash or private money to close on.
@Matthew Nelson