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Updated over 5 years ago,

User Stats

112
Posts
23
Votes
RJ Dixon
  • Rental Property Investor
  • Sarasota, FL
23
Votes |
112
Posts

10k about to be lost because of lender

RJ Dixon
  • Rental Property Investor
  • Sarasota, FL
Posted

Hello BP world !

Name is Rj just started getting into real estate investing. I am currently working on my 3rd deal but never thought this would happen. I am currently working on a triplex that we put 10k in escrow. I was going to use a FHA loan to house hack. My lender who I worked with before did not do a great job to say the least. They extended twice and want to do it again but the seller does not want to. I have looked into hard money which I used before being what I think is my best bet. I also tried to reach out to the seller personally to get that extension. They have no backup offers but stated they have people interested. I just don't want to lose 10k. Would the seller consider splitting escrow ? Any suggestions on how to go about this ?

The numbers are

220 under contract

15k rehab

230 as is

265 ARV

Appreciate it

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