Cash / Hard Money

[Mike Musarra]

I'm wondering if anyone's ran into this problem before and if they found a solution.  I put an offer on a potential flip and the realtor got back to us saying that they are only accepting cash offers.  Our offer was 120k via hard money which in my experience has always been treated as a cash offer.  Sounds like they want to see cash in the bank.  So, I'm dead in the water as I don't have 120,000 dollars lying around.  Has anyone else dealt with this, and was there a way to solve the problem?

We reiterated to the realtor that our hard money lender is as good as cash and can transfer funds with an accepted deal within 10 days.  The property is in the probate process.

Thanks,

Mike

[Cam Schwartz]

Quote from @Mike Musarra:

I'm wondering if anyone's ran into this problem before and if they found a solution.  I put an offer on a potential flip and the realtor got back to us saying that they are only accepting cash offers.  Our offer was 120k via hard money which in my experience has always been treated as a cash offer.  Sounds like they want to see cash in the bank.  So, I'm dead in the water as I don't have 120,000 dollars lying around.  Has anyone else dealt with this, and was there a way to solve the problem?

We reiterated to the realtor that our hard money lender is as good as cash and can transfer funds with an accepted deal within 10 days.  The property is in the probate process.

Thanks,

Mike

Hey Mike, similar to your experience hard money is usually accepted by the realtors we've worked with. The probate situation might have something to do with this realtor's preferences.

I would ask your lender to speak with them directly to try and get them comfortable. We've done this in the past.