Posted by Nick on July 16, 2001 at 17:03:59:
Yes he can get a blanket loan which would cover all three. The way I would do this is write the contract and put in the contract that the buyer he has three business days to get prequalified from the bank. Then give him 10 business days to close.
This is all providing that you have that long before your contracts on the properties runs out.
Please help me put this deal together with buyer! - Posted by James_Ga
Posted by James_Ga on July 16, 2001 at 11:32:30:
I found a buyer for my wholesale flips.
Property 1
9200 purchase price
21500 ARV
1500 repairs
Property 2
4800 purchase price
21500 ARV
5500 repairs
Property 3
24,700 purchase price
41,000 ARV
1500 repairs
I am just going to assign these for 2k. But the buyer wants to be sure he can get financing before he pays for the assignment. What is the best way for me to go about getting all this set up for him? I definately do not want to wait on him. Is it possible for me to get him pre-qualified? Also can he obtain one loan for all 3 properties? Would it be easier to change the sales price and rebate money for repairs rather than have the bank loan above the purchase price? Or does it really make a difference? Any and all help appreciated.
Thanks
James