Posted by jimi on March 21, 2000 at 11:11:10:
Kevin -
please post more info. purchase price vs. market value, rent levels, fix-up costs etc … What is the upside for a potential investor?
Need Help in a Hurry!!! - Posted by Kevin-Baltimore
Posted by Kevin-Baltimore on March 21, 2000 at 10:47:28:
I placed a piece of property under contract a little over a month ago for $5,500. My objective was to do a quick flip on the property and make a few bucks. I gave the seller my standard $10 earnest money deposit. I am scheduled to close on this puppy this Thursday March 24, 2000, but haven’t yet found a buyer. Because the area is not the best no one will seem to touch it. Moreover, I can’t even seem to find a hard money lender that will touch it.
At this point I don’t know what to do other than not close. Any suggestions would be helpful.
Thanks,
Kevin-Baltimore
Extend the closing… - Posted by Paul_NY
Posted by Paul_NY on March 21, 2000 at 23:00:49:
Kevin,
Extend the closing. If no one will touch the house, then the seller is lucky to have you.
Advertise the house for sale like this:
For Sale: Land Contract, Problem credit ok, 2 1/2 bedroom house, oil heat, near shopping, child safe street, $202/mth, Owner 1-518-555-5555
Say something nice about the location and the immediate neighborhood in place of “near shopping, child safe street”. You know what to say there.
If you don’t get a ton of calls on that ad, maybe the house isn’t worth pursuing.
The downside: Yes, you need to pay the seller cash if you agreed to.
I once bought a fixer for $200 down and $200 due every six months!
Bottom line: If you have to change the agreement to make it work for you, don’t be timid about it. The seller may go along with everything you say. Go in there and lay the cards on the table. It’s good experience too!
Paul_NY
Re: Need Help in a Hurry!!! - Posted by SCook85
Posted by SCook85 on March 21, 2000 at 19:40:38:
Kevin,
Did you call all the hard money lenders that I gave you? You need to call everyone of them, they won’t know that you need the money if you don’t call. I spoke to one of them today and he never mentioned hearing from you. Call them all.
Ask for an extension on your closing, most banks will fuss about it but will grant the extension. They may ask for additional earnest money or something but you have to ask and see what they say.
Nothing is going to happen on it’s own. You have to initiate it. Make the calls to get your extension and call all of the lenders.
Steve
Re: Need Help in a Hurry!!! - Posted by Jim IL
Posted by Jim IL on March 21, 2000 at 17:54:02:
Kevin,
Without more info it is hard to give you any advice.
Please post more info, and you will surely get some response.
The key factors to include will be Value of the home?
What work is needed, if any?
And, lastly, assuming all the numbers look good, why not try to extend the closing?
If you know that this is a good deal and are confident that you can sell it, then ask the seller to extend the close by 30 days. All they can do is say “no” and you are hopefully only out $10. (your contract does cover that I hope?)
Give us more to go on and we’ll help,
Jim IL