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Need to cash out quick HELP! - Posted by TERRY
Posted by TERRY on July 24, 2005 at 14:34:30:
Help with financing
The situation is this I purchased a house in late May, all cash for $65K(appraised value in current condition $105K after repair value $115K) That was just about all the money I had. My intention with this property was to get a loan to cash out and a couple of extra buck for more investing. The problem is the broker told me that she could have me the funds in 10 days and that did not happen. I needed to do a no doc and seasoning was an obvious issue. So now 45 days later I am being forced to sell this house that has a potential $1700 rent (very close to a local college. I MUST cash out no later than next Monday 8/1/2005 and I have cash buyers but my question is:
any ideas how I can get cash out in 7 days and W/O docs (680 credit) and not be forced to sell my cash cow.
Re: Need to cash out quick HELP! - Posted by Ronnie (Tx)
Posted by Ronnie (Tx) on July 25, 2005 at 11:59:05:
I am with the first two. You bought at 61% of value. Great job. If you need SOME money quickly, why not sell on a lease option, or is the property not ready? In that case, take a day and write up a business plan if you need rehab money. Take it to a LOCAL bank, and get your loan. You can easily negotiate no payments for six months or a year or even intrest only if they woun’t do that. Then you can fix it up and get your investment back. What’s the problem? We are all confused.
Re: Need to cash out quick HELP! - Posted by Natalie-VA
Posted by Natalie-VA on July 25, 2005 at 11:52:19:
Terry,
7 days isn’t going to happen with my 2 suggestions, but I will give them to you anyway incase you can get more time:
Forget mortgage brokers and go to a local bank. Most of the local banks in my area do not care about title seasoning.
If #1 doesn’t work, go to a local bank to get a HELOC. Even if they only give you 80% of your purchase price, you should be able to get 52k cash out.
Good luck.
–Natalie
Re: Need to cash out quick HELP! - Posted by TREV
Posted by TREV on July 24, 2005 at 20:16:12:
I don’t see why you have to sell. This property sounds too good to let go. If money is the issue and one source isn’t coming through, use another source. If you paid all cash and this property is free and clear you should have no problem getting a loan.
Re: Need to cash out quick HELP! - Posted by al
Posted by al on July 24, 2005 at 14:48:35:
if you paid all cash…just an equity loan or equity line of credit. if i understand you correctly you paid all cash so you dont owe anything on it. Why do you need to cash out by monday.