need advice on flip not flipping

[Yolanda Mestas]

i have a hard money loan on property in fort worth texas. loan will mature in march. i havent received many bites on property. my team is suggesting options because they are having trouble making their share for mortgage: one - get conventional loan to reduce 13% interest and reduce monthly payment; second - extend hard money loan even though they are going to add another 5% at end of loan (will not reduce loan payment or percentage=will increase); third - get conventional loan to pay off hard money loan and take a chance and lease the house; fourth - if i get conventional loan, lease to own to someone who has cash but not credit.

Help. i told them there would be costs involved if i apply for conventional loan. is that true? i just don't want my credit checked over and over again. 

any suggestions on who to contact?

[Brenda Houghton]

Hi Yolanda,

Is the property getting enough exposure? Is it priced correctly?

If you really want to sell it, the answers to these questions need to be 'yes'. If you're working with a Realtor, s/he can re-run the comps, as the market may be a little cooler than it was when you started the project. If it is not on MLS, and/or you don't have access to comps, consider consulting with a Realtor. It may save you money in the end.

If your original project plan was to sell the property, do everything you can toward that goal before you change gears and spend money refinancing.

Good Luck!

Brenda Houghton, Realtor

Keller Williams Southlake, Texas