Posted by Isabel on May 15, 2006 at 23:59:54:
Thanks for the info. The purchase price and rehab cost is less than 70% ARV. Some private lenders are currently reviewing my file.
To answer your questions, the home has no current mortgage. It is owned free & clear and the seller is apparently not in a position to hold any notes. We will not be bringing any funds to closing (with the exception of $500 earnest money we already provided).
I have discovered that every “private” money-lender has different requirements. I’m sure this deal will fit at least one money-lender’s criteria if not a few.