Posted by Jim IL on February 23, 2000 at 18:18:00:
Aaron,
If you are getting $20k at closing, why not just use some of that?
Seems to me this could be done.
The docs will be signed, and instead of the title company giving you a check for $22k, you get $14k.
Talk to an attorney or the title company and see how they can do this.
Or
I completely missed something here?
Good luck,
Jim IL
NEED HELP REAL BAD!!! - Posted by Aaron Jackson
Posted by Aaron Jackson on February 23, 2000 at 17:59:44:
I am buying a House for $80,000. The seller wants 10% Down $8,000. Owes $50,000. And is giving me $22,000 at closing for fix-up. The place only needs about $2,000 in estimated fix-up.
$80,000 FMV
$8,000 Down
$50,000 Mortgage
$2,000 Estimated Cosmetic Fix-up
$20,000 For me at closing
The PROBLEM is I need the $8,000. I had an investor who backed out on the last moment because his wife left him for his dad and he is emotionaly tied up. ALL my credit checked out good. We suppose to close within a few days.
I own a Duplex with $12,000 equity in it aas collateral. And will get $20,000 at closing. Is there ANY WAY way I can get an investor/lender to give me line of credit or cash for $8,000 to go through escrow as a down payment for me just for a few days? I am offering a 10% yeild on a few days investment. If anyone have any suggestions any information would help pointing me to someone who could help me with a short term high interest rate loan.
Re: NEED HELP REAL BAD!!! - Posted by Carmen_FL
Posted by Carmen_FL on February 24, 2000 at 13:49:50:
Is there a lender involved here? I couldn’t tell - where is the $50K mortgage coming from? If there is no outside lender, you should be able to do what was suggestd below (deduct from closing costs)
If you really need to show the $8K cash at close, there ARE people out there who, for a very large chunk of this cash, will give you a 3-day loan - just call the “we lend money” ads in the paper. I don’t recommend dealing with them unless you are TRULY strapped, but I found one once that would lend me $5K, and take back $7K at close (about 3 days later!). Luckily, I didn’t need it, but he called me for days afterward, salivating… what’s the yield on HIS investment???
His wife left him for his dad??? - Posted by Bob H
Posted by Bob H on February 24, 2000 at 08:41:10:
Now there’s a situation you don’t run into every day.
Re: Try This - Posted by Rick W.
Posted by Rick W. on February 24, 2000 at 04:57:57:
If the Seller is supposed to give you that cash at the closing, deduct his downpayment from it and have him also hold the repair money in escrow until the repairs are completed.
You could use your net proceeds to fix up the property, and recover your expenses once they are done.
Sounds like a plan only a Lawyer or Title Agent could screw up.
Rick W.