Has anyone closed a preforclosure deal that didn't need rehab?

Foreclosures, Short Sales, Tax Foreclosures
1

How did you close? Private money? Transactional funding? Traditional financing? Your own stash of loot?

What was your exit strategy? Sell for all cash (flip)? Lease option? Rent it out?

2

I recently closed on a 2 year old home that did not need any repairs. A private investor was the transactional funder for the deal and I sold it to a person who took out a loan for the property.

:biggrin

3

Thanks psreis. Was it difficult finding a lender for the end buyer that didn’t care about title seasoning? I’m finding that to be a challenge these days.

4

It wasn’t that difficult for the end buyer to get the financing. There are so many misconceptions about seasoning out there. You need to be the one that educates the lender. When you find a lender that understands seasoning, send all your business to them. Credit unions are a great source of lending and are usually eager to make loans. You might want to contact a couple of local ones. Make an appointment with a lender and explain what you do and tell them you are looking for a place to send all your prospective buyers for loans and were wondering if they would like the business. That should get their attention. Then on future sales, simply put in the condition that the buyer work with your lender. Good luck. :biggrin

5

Hey psreis, funny you should suggest that. This is the exact strategy I just discovered last week on youtube. Here’s the clip I saw that alerted me to the “small lender” strategy: http://www.youtube.com/watch?v=JeGrA2rsj94

6

Thank you for sharing the video. I just watched it and you are right - it does say the same thing. I’m glad I could help.

:biggrin