BIG flip need help - Posted by brian

Posted by JoeS on March 13, 2002 at 16:09:28:

The most important question is; does your buyer’s mortgage co. or lender know that they will be funding a “flip”? It does make a difference to most lenders. If they will not fund it, then you need to locate a lender that will, there are many out there. Hope this helps. By the way, if their lender will fund it, then yes, you will be getting a LARGE check!!

BIG flip need help - Posted by brian

Posted by brian on March 13, 2002 at 11:51:09:

Ok long story short I have a contract on a house for 675k and a buyer for 750k! Now the house will appraise ok but the new buyer is going through a mortgage Co. to finance the deal will a bank\mortage Co. cut me a check that big?

You all are the real estate masters here and i have not done this often and certainly not involving so much money i’d realy be gratefull for your feedback. Thanks

Re: BIG flip need help - Posted by SCook85

Posted by SCook85 on March 13, 2002 at 16:20:31:

Chances are the lender will not fund your portion of the deal. They will probably be happy to fund based off of the $675k contract but not the $750k contract. With a deal of this size I would imagine that your buyers are pretty well off. I would talk to them about having them cut you a check for $75k, and then just assign your contract to them and let them get a loan based off of the $675k contract.

Good luck,