Financing / HELP!!!!! - Posted by Steve

Posted by Randy on September 22, 2003 at 12:00:17:

Is there a possibility the seller will carry the 10% in a 2nd, at least until you can work a solution?

Financing / HELP!!! - Posted by Steve

Posted by Steve on September 22, 2003 at 11:16:18:

I put an offer on a home and was given a letter of pre-approval from the bank. I recieved work from the mortgage loan office 4 business days befor settlement that they would only go 80%. I discussed this with him prior to proceeding with the application and he indicated to me that they would go 90% so I structured my deal accordingly. I am now 2 business days away from settlement and have to come up with another 10%!!! Its not there. Should I offer a rental/sales agreement. This deal has a profit of 10g’s and I don’t want to pass it up. I have an out in that the well tested positive for high bacteria. However the owner has agreed to pay to have the proper filtration installed. WHAT TO DO???

Re: Financing / HELP!!! - Posted by Brenda Whittaker

Posted by Brenda Whittaker on September 24, 2003 at 02:33:41:

Quick find a partner, or, use a substitution of collateral, (have any equity anywhere else?) or, get the seller to carry 10% for a few months, or, apply for a line of credit at your bank, or, you could pay for the filter in exchange for a 6 month to 1 year seller carry, low interest, interest only payment… or, yeah, walk if worse comes to worse, there will be others. What were you going to do with this house?

Re: Financing / HELP!!! - Posted by tony

Posted by tony on September 22, 2003 at 17:00:15:


-Why did the bank change the deal?

Re: Financing / HELP!!! - Posted by Nate(DC)

Posted by Nate(DC) on September 22, 2003 at 12:01:28:

I would walk; 10K profit means it’s too skinny anyway.