Under contract trying to close

3 Replies

My partner got a three family house under contract as an owner occupy. The cash on had that was available to purchase the property is no longer available. 

Purchasing the home for 100,000k with a 35,000k of rehab and an ARV of 188000.

Question? Due to the owner occupy clause how can we close on this deal? 

Option 1: The hard money lender that we have spoken to, state that they can not loan to owner occupy. 

Option 2: Do a double close with transnational funding. However, the seasoning period is a year. So is this possible due that you would be purchasing the property yourself with a different lender. 

So my 2nd question is, is private lending the only option at this point? Any suggestion? 

Thanks,

If your contract is subject to an o/o clause, and you are not going to occupy it, you do not have a deal. Move on.

Thanks for the responses. 

What I have been told as an option at this point would be to do a double close and as long as I show that my partner lives on the property for one year that it should close. 

If this sounds right to you guys let me know. Otherwise I have to move on. 

Also working on the private funding at the moment. 

Thanks, 

  

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