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Updated over 16 years ago on . Most recent reply

Account Closed
  • Real Estate Investor
  • los angeles, CA
1
Votes |
82
Posts

STUCK AND ABOUT TO LOOSE EARNEST MONEY FOR OH DEAL

Account Closed
  • Real Estate Investor
  • los angeles, CA
Posted

I have a property in OH under contract and I already got one extension. I have had 2 wannabe hard money brokers waste my time and then drop the ball at the last minute.

Now the bank wants to keep my earnest money if I can't close by Friday and I will loose a great property.

I was stupid and didn't use the financing escape clause and did the contract with Cash although the letter of credit states that it is based upon property condition, appraisal etc, I also put an clause in for subject to inspection and appraisal meeting buyers approval. Is there anyway to get my earnest money back?

I would like to close on this property I am buying it for 50% LTV. including rehab and loan cost. Does anyone know of someone who can close this quick? I may be able to get another extension if the bank has a guarantee it will close this time. I have great credit but can't go full doc and don't have a lot of reserves.

I would also consider flipping this to someone.

Any advise??

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