All Forum Posts by: William Cunningham

Hey Brian,

Sherman Bridge Lending will finance any SFR in PA/NJ. We lend 80% of purchase price. 2 points on the front, 1 point on the back at 9.9%. 600 FICO, No income docs, and funds don't need to be sourced/seasoned. Our acquisition/rehab loan is similar also but it will require income. Feel free to send me a message if you're interested.

 Hey Matt - feel free to send me a message, I'd love to hear your ideas and provide feedback.

I buy a handful of foreclosures each month.  Use your own title company - every time. I believe the minimum title policy cost is $500 for sale prices under $30,000 in PA. So you can expect about $1,000 total with recording etc. A good title company will research and find everything that could cloud a report.

It's my understanding in Philadelphia there is zero redemption period with a foreclosure sale.. and 1 year for tax lien sales. You will have to wait for the deed to be recording to close, In my experience this has taken as little as a few days, a couple weeks is normal, and in rare cases 4 months for Chase to record a deed.

Hello Jean-Paul - 

Need a couple specific metrics or goals you have in mind.  Flips/Rentals/Multi Unit?

Philly is a wildly diverse city.  

Depending on your goal I'd recommend starting on the cusp of flourishing neighborhoods such as Fishtown, Brewerytown, or Point Breeze where deals can still be had.

Yes, I meant 20% - thanks 

You should be able to secure the note for up to $99k. The foreclosure deed has a restriction for 110% of purchase price for the first 90 days.

I offered on dozens of HomePath properties - generally they will send 3 counteroffers if they don't outright reject a lowball offer.  At any time during a counter offer period someone can come in, offer, and then it kicks it to multiple offers, highest and best.  They then either accept or continue countering.  It can be an annoying, sometime long process.  The listing agent has little to zero control of the process but there's are deals to be had.

I've done multiple double closes with FannieMae REOs 

Every single one has the 90 day deed restriction that states you can sell it within 90 days of recording for more than 120% of original purchase price, nor can you secure a note/lien in that amount - which can have implications for backside buyers using hard money.

In Philly I use .2 miles and 6 months for sold comps