ED..HELP PLEASE!!!! - Posted by Hugh

Posted by Ed Garcia on November 10, 2000 at 10:06:01:

Hugh,

Nothing like waiting to the last minute. Your numbers look fine although I hope that the loan balance includes back payments and fees. My concern is TIME. It looks to me as though your seller has been procrastinating and now it seems that you have little time for a lender to do, do diligence. They would more than likely need at least an appraisal, and title policy. If this were my deal, I would find out what it would take to bring the first current and go that route. Instead of going hard money, I would find a small investor and share the deal with them.

If you like, you can call me today, and I will see if I can find someone in your area who has attended one of my workshops to look at this deal with you. My number is (909) 944-0199. If you have a hard moneylender who can close quickly, you better move now.

Ed Garcia

ED…HELP PLEASE!!! - Posted by Hugh

Posted by Hugh on November 09, 2000 at 23:35:27:

I made contact with a seller who is facing foreclosure 11/18/00 and wants to save her house. I do not think that this is possible without her refinancing the existing loan since she may not be able to bring the loan current (not paid in over one year). I would like to buy from her using hardmoney as my credit is not good. Can you help me? Here are the figures:

Existing debt : 74,000 (exluding atty., per diem etc)
FMV : 125,000 - 135,000 ( after rehab)
Rehab : 5,000 and under

Property is a cape located in Fairfield county of Connecticut, 7-4-2. Do I have a deal here?

Thanks in advance.

Hugh