Posted by Chris on February 22, 2000 at 06:52:00:
Since the bank seller and mortgage broker do not seem all that cooperative you may want to ask the bank if they would accept a contingency allowing you to have 5 to 10 business days to obtain financing approval.
You make your offer and if the bank approves it you take that to the mortgage broker and get your hard money.
Of course you have already made sure the property has met your criteria which will allow you to close easily. Call thoses brokers/hard money lenders back and ask them what they can loan you as far as loan to value ratio on rehab property before and after rehab.
If you develop a relationship with the lender as the person who is relieving them of their non-performing asssets they should become more cooperative in the future.
If you have a real estate investors club in your area go to the next meeting. There will be plenty of money there. It will be a big help to you to actually get to talk one on one with the hard money people. Once you meet face to face a lot of these barriers should come down.