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Updated over 4 years ago,
How is hard money being viewed in today’s real estate market?
Being a newly licensed realtor in NJ I am obviously using my MLS access to my advantage and I since have really kicked up my level of aggression on offers I am submitting but I am still getting beat. I started out with some lower offers on properties I considered to be low hanging fruit with no luck and then I moved up to full asking price offers, even over asking on some that I know should have brought it home with the same result. Am I showing my cards to early by mentioning it's a "hard money loan" on the offer form. What am I required to write on the offer form until I can cover the deal with cash. I thought I needed to add the fact that 80% of the deal is subject to the firm/lenders underwriting but it states that on the POF so is that not necessary? It's technically CASH but it's someone else's cash.. so until I can cover the purchase price IF the lender wont close I need to have that "Financing Contingency" even though it's not financing. I have seen 4 houses in the past 60 days that magically appeared back on the market that are in high demand areas and the right price so I'm assuming the deals didn't close.. is it due to HML not closing. I feel like any investors using HML in my area are being put on the back burner even if the price is right based off shear convenience.. I guess they have that right but I just wish there was a way to know what's actually happening on the other side. Any advice would be great and I know many things are state specific but I would love to hear what others are doing, Investor/Agents in NJ even better..
Apologies for the ramble, thanks BP Family