I’ve been able to negotiate a Short Sale deal valued at $400,000 for the price of $280,000. The property is a four-year old two-family with a bonus Ground-level apartment. The main apartments have 3-beds, 2-baths and large walk-in closets in the Master Bedrooms. The bonus apartment on the ground-level has 2-beds and 1-bath. The rents are $3,800 per month. I need help to close this deal in two weeks. Thank you all in advance for your expected inputs to make this first opportunity happen!
Your buying at a 70% LTV which is good. have you contacted a HML to try and arrange financing? There is a list of them on the left side of this page. Start dialing for dollars. Good luck.
Thanks very much, Christopher, for your input. I’ll try some of them right away!
Unfortunately, before I could even start talking to possible lenders, the property is gone! I waited too long…
Kospiah,
Another property will come along. Now you have time to get pre-qualified by a HML and a permanent lender. Get your ducks in a row so the next time a property comes along you will be ready to go.
Christopher,
Thanks very much for your advice and encouragement. That’s exactly what I’ve started doing.
Have your exit in place by having end buyer. To get more short sales advertise ,I buy house…