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Updated over 4 years ago on . Most recent reply
Hard Money Loan to Close Deal
Hello BP team!
I've been exploring the idea of hard money loans and I believe they are right for some situations and some they may not.
One particular situation that I've come across - that I am in as well right now - is the market is hot and cash offers are being accepted first over conventional/FHA loans.
I'd like to get feedback for those that may be in this predicament.
Question: If you have cash for 10% downpayment and are already preappoved for an FHA loan but cash offers are getting first priority, would a hard money loan solve this problem? If not, what other creative ways can you think of to match the attractiveness of a cash offer?
I've been exploring the idea of hard money loans and I believe they are right for some situations and some they may not.
One particular situation that I've come across - that I am in as well right now - is the market is hot and cash offers are being accepted first over conventional/FHA loans.
I'd like to get feedback for those that may be in this predicament.
Question: If you have cash for 10% downpayment and are already preappoved for an FHA loan but cash offers are getting first priority, would a hard money loan solve this problem? If not, what other creative ways can you think of to match the attractiveness of a cash offer?
Most Popular Reply
@Steven Caligaris. Question - if you submit a cash offer you have to provide proof of funds. How do you do that without the cash? Serious question because I have not figured that out yet.