In the Middle of a Deal What To Do???

[Jalil Carter]

What's up guys? In need of some assistance. Ive had this property under contract since early December financing through Do Hard Money. The process was drawn out so long because of low evaluations, poor customer support etc. We have extended closing 4 TIMES! The only reason the property hasn't foreclosed is us having it under contract. I mistakenly turned in a high (safe) bid and now we have to bring $25k to close which we don't have and Do Hard Money will not allow us to remove items on the bid. The closing date on the extension is this Thursday! Trying to avoid these homeowners losing their home without any money in hand, what do you recommend we do?

[Jonathan Holmes]

I think for a sub to you would still need significant cash to bring the loan current.

First, make sure your numbers are spot on, with the 25k you’ll have to bring. It is sad these people are losing their home but the last thing you want is to end up in your own foreclosure.

If the numbers are good then and you literally have no cash and no way to get that cash, your only other option is a partner. Talk to every investor you know and see if some one will jump on board.