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Updated almost 5 years ago on . Most recent reply

User Stats

9
Posts
1
Votes
Kate M.
  • Investor
  • Blue Bell, PA
1
Votes |
9
Posts

Desperately need advice on a deal which is on life support/dead.

Kate M.
  • Investor
  • Blue Bell, PA
Posted

This is for a short sale which I have under contract.   The terms state I would have the financing within two weeks which will run out end of next week.  I am in the middle of the process of taking out equity in a rental home I have and use that to come to the table for the short sale house. 

The bottom line, the lender who I was working on the refi is falling through and/or not doing what was told and keeps stalling on the dates.  I should mention I am a semi new investor and looking for loans that are no looks or not dependant on W2's.

Could anyone advise on what I could possibly do to save the deal.  There is quite a bit of equity in this short sale home which I dread losing especially due to some of the guidance I received from the parties in play (lender/s and realtor). 

I would be more than willing to provide numbers for further review if/as needed. 

Honestly, I am not even sure of the options at this time.  Just let the contract expire?  Somehow work with a great lendor who can work some magic?  "trade" the deal, go in with someone? 

Any input is greatly appreciated.  At this stage, I've waited for a long time to get through the short sale/bank resolutions and just want to do the right thing and hopefully get something for all the time and effort thus far.

Please let me know if you have any questions or if any additional information is needed...

Many thanks!
   

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