All Forum Posts by: Mark Humphrey

Thank you to everyone for sharing their thoughts and or contact here. I will proceed in commercial forum category if I have more questions or follow up.

We are considering purchasing an income making property and business combined, 10 acres 3300 sq ft home and barn. Venue is rented out for mostly weddings. Current revenue last 3 years (as worked part time) is 75-95k annual but is not near its potential of 150-185k annual. 

We have been working the business for our friends and they are interested in selling the property and business. We would occupy and grow the revenue full time. Property is estimated to appraise at 950k. total price is 1.1mm. We have 300k down. Seller has mortgage on property unknown amount possibly 600k.

Any thoughts on attaining financing.

Some of the investors on this site have mentioned they have used their own closing attorneys.

This listing expressly states NO FINANCING -- my concern is our funds/cash are technically tied to a private loan and I dont want to get to the end (closing) and find out there is a reason not to accept our payoff.

We are bidding on a home to occupy thats an auction.com REO, cash only (NO FINANCING) deal if accepted by bank. Does anyone have any experience/advice on the details at closing. We have funds and Proof Of Funds from a (private) hard money lender that will loan without all of the standard mortgage inspectons/criteria untill we refi shortly after with our bank.

Anyone have any advice on whether there could be any problems with closing this deal in this manner with auction.com? Thanks!