All Forum Posts by: Sam Booth

Hi Sam, 

If the property is priced well and there is an expectation of a handful of offers that you would be competing against, it may be helpful to work with a lender can issue an expedited commitment on the loan within 24-28 hours of getting into contract. 

You could possibly apply more down for your escrow deposit to show your ready to commit to the transaction and not just a few thousand to tie down the deal.  You would be protected with an inspection and financing contingency in the contract. 

Strong loan approval or loan commitment. Have lender make contact with listing broker after submission. Limit concessions. Reduce inspection period. Escalation clause.. @Joseph Chiofalo is a good back up lender and can reinforce strength of borrower to sellers broker. Good luck! 

REOs are like nailing jello to a wall. They slip away and frankly are more trouble than they are worth. A bank gets a BPO (Broker's Price Opinion) from their real estate agent. They then decide if they are willing to list with the agent.

If you have substantial capital and can close quickly, with cash, no inspection you might be able to do what you are suggesting.

But a bank is incentivized to get as much as they can, with the least amount of hassle and they will believe their real estate agent before they believe you on numbers, closing time, availability of funds. They believe putting it on the MLS will make the most sense to them.

Like everyone else, we are always willing to partner with people that want to learn through experience and find more propductive ways to find deals.

There is money to be made in real estate in this current economy, if you find deals that have not yet hit the MLS. Deals where you are dealing directly with a private party. There is a special approach to doing that and you have little competition when you focus on those.

It is always important to know what you are signing. If I'm reading that correctly, it means if you back out then there is a fee that is likely coming out of your deposit. So for example if you cancel and have been in escrow for 14 days, that is a $1,400 penalty. That is something that should have been discussed before entering escrow.

Id go to scratch and dent and get a stove installed . Hows the overall condition of the property > If the appraisal is marked subject to it won't be able to go conventional or DSCR

hi Sam, there are rehab loans in the conventional loan as well. They can lend you up to 95% LTV or 96.5% LTV for FHA for the land + rehab loan all in. The lender will need to send an appraisal out to see what the estimated ARV (after repair value), in order to make sure that the ARV is above the cost acquired for that house + land.

@Carlos Valencia @Albert Bui

Is this for an investment property ? 

 It is a hard maybe. Even though it is a bank there are still people behind it. I'm not sure if this is possible, but maybe the listing agent can do it and you increase your closings to pay them back. 

The worst thing that could happen is you cancel and you are out a few thousand dollars from inspections and the appraisal. Just make sure your contract is written well enough so you are protected.

To me it is worth a shot if the numbers make sense.