Posted by Brian (N Ca) on November 30, 2004 at 16:43:58:
Getting a deal done on this property with what you have said is probably possible. The problem is in getting it done within the 15 days that you are limited too. I would look for non conventional financing to make it work and then maybe refinance out of it later… Wish I had good news for you but the reality is 15 days is not enough time to do a traditional loan in most cases.
Brian
Need advice on possible deal - Posted by Dennis (SoCal)
Posted by Dennis (SoCal) on November 30, 2004 at 15:48:26:
A friend of mine has a condo for sale right now at 340k in an upscale neighborhood, comps are about 20-30k higher and our market is still going up albeit at a slower pace. I’m thinking I can purchase this unit and then sell it to a tenant-buyer. Here’s the problem, he has 15 days to find a buyer and he needs the cash out, (around 90k), to purchase the home he’s in escrow for right now, so I can’t lease it from him or take over payments. How can I structure this so it works?
Thanks for any advice.
ps. My fico is ok at about 680, I have a good job and own my own home with about 20k on my heloc I could write a check for.