Hard Money - Posted by Karen
Posted by Karen on February 21, 2002 at 22:38:41:
Can this deal be saved? I posted a while ago about this deal and I got a response from someone saying they could get me the financing. After many months of the individual saying “settlement will be this month” I finally came to the conclusion that it wasn’t going to happen. I’ve contacted Hard Money lenders and local brokers in the area and explained the situation in detail. The owner is of course loosing patience with me. I have put down a $1,000.00 deposit. It is a 3 bedroom 1 bath house on 4 1/2 acres. It is in a very good area across from a Golf Country Club. The owner is asking $105,000.00. The property needs $20,000.00 in work. I have had a contractor come to the property and give me a written estimate. The property has been appraised at $146,000.00. I have not gotten a final answer yet but they are saying they would need this 5% down. I will really need to scrape to come up with that amount. Any help would be deeply appreciated.
Thank You in Advance,