Buying a property with no financing contingency.
Hello, I'm a first-time real estate investor in the San Antonio area, aiming to purchase two single-family homes for rental investment using a hard money lender. I've included the TREC Financing Addendum in my offers because I require financing, but both sellers rejected the addendum, stating they prefer cash offers to avoid delays. Is it common in San Antonio for sellers to refuse financing addendums, especially for investment properties? With a preapproval letter from a hard money lender, how often does the loan fail to get approved, and what are the risks of losing my Earnest Money Deposit (EMD) What strategies can I use to secure the financing and purchase the property without risking the EMD?
Most Popular Reply
@Rogelio Molina I sell 25 to 50 properties to investors a year. I rarely accept a contingency. If I do it is a very short one. You are much less likely to get a contingency offer accepted on an investor property.
The way around this is build a relationship with a private or hard many lender and run the deal by them before you put your offer in.