Hard Money & Sheriff Sales - Posted by Justin

Posted by Justin on May 26, 2007 at 16:04:40:

Middle score 607, not much in liquid assets. Downpayment was to be from HELOC on another property.
Partner middle score 670.

Hard Money & Sheriff Sales - Posted by Justin

Posted by Justin on May 26, 2007 at 15:52:57:

There are quite a few good deals in sheriff sales in my area (Philadelphia, PA), in both mortgage forclosure and tax lien. In particular at the moment I am looking at a single family, 3600 sf 3-story home on a half-acre lot in the Overbrook section of the city; it is only blocks from university and train to center city, and bidding will start at about 120,000 when you add in the sheriff’s fees. Comparable properties in the area are in the 350,000 to 500,000 range.

However

Being that this is a sheriff sale property, there is no way to properly inspect the home (legally), i.e., no access to interior. A conventional mortgage is therefore out since a proper appraisal cannot be made, and I don’t have the cash to lay out.

Any private lenders or creative lenders out there that can help with this? I can likely come up with the 10% down required at the sale, but will need the remaining balance within 30 days, which would be roughly July 1st.

Any thoughts?

Re: Hard Money & Sheriff Sales - Posted by Ben Carmona

Posted by Ben Carmona on May 26, 2007 at 15:55:47:

What’s your middle score and how much in liquid assets seasoned for 3 months?

Ben Carmona