Atlanta, GA · Member since 2018 · 14 posts · 1 vote
Hi everyone, 'will appreciate any valuable suggestions / directions. I have a 12 bdrm 5 bath historic house needing major rehab under contract since December 2018. I haven't been able to close due to a bank contingency requesting a General contractor and a 203 Hud consultant. Seller has been very cooperative and has extended the closing 3 times and I have only 7 days left to closing . The property is in a very strategic part of Austell, Georgia that is opening up. Any suggestions to get me to the closing table will be highly appreciated.
Hi everyone, 'will appreciate any valuable suggestions / directions. I have a 12 bdrm 5 bath historic house needing major rehab under contract since December 2018. I haven't been able to close due to a bank contingency requesting a General contractor and a 203 Hud consultant. Seller has been very cooperative and has extended the closing 3 times and I have only 7 days left to closing . The property is in a very strategic part of Austell, Georgia that is opening up. Any suggestions to get me to the closing table will be highly appreciated.
Hate to be the bearer of bad news, but if I'm reading that right and you somehow got yourself 7 days from a firm drop dead COE that can't be extended on a 203k and don't even have a GC who has viewed the property and bid the job, you ain't buying that house. Sorry.
Chris thanks for the reply. I am also thinking of hard money ( never done one before ) or get some friends to join in the deal and pay cash. The bank appraisal came in at I believe $269,000 and ARV about $450,000 ( need to double check) I am purchasing the property at $90,000. The reason I am trying to get a loan is for the rehab which 3 contractors have estimated at between $80,000 to $120,000 but they don't have a GC license.....
This property is located in the heart of the new Austell downtown, and has great potentials for multi family. The city already assured me they can work with me to make it commercial- bed and breakfast etc- Great potentials....