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Updated almost 9 years ago on . Most recent reply

User Stats

6
Posts
2
Votes
Sandra Alexander
  • Real Estate Professional
  • Panama City Beach, FL
2
Votes |
6
Posts

Rental home in short sale

Sandra Alexander
  • Real Estate Professional
  • Panama City Beach, FL
Posted

Hello Ya'll!  I am looking for an answer and wondering if anyone here can help.  

I live in a rental house (since 2010) and the home is now in short sale, listed for 219K.  Due to repairs and current known situation, the house can most likely be purchased for under 150K.   The home is a 3BR/2BA and needs roof and AC.  The home is situation in a Beach subdivision with dedicated beach access (the best part).   

The home is not moving or rather not showing well at all and only one offer had been made that was withdrawn by the out of town buyer who was reluctant to deal with the repairs from a distance;  the offer was $140K and the bank was seriously looking at the offer before the buyer withdrew.

Idealistically, I would love to be able to stay in this house simply due to the cost of moving and finding a new place that is conducive to my 86 year old mother's needs.  She has Parkinsons and the move alone is going to be rough on her.   Needless to say, this is the perfect place accordingly.

However, I cannot get traditional financing due to an issue with the IRS that has to be settled for at least 3 months and I still have two more months to go AND I am working on lowering my debt/income ratio to allow for the monthly payment to the IRS. I should have this all under control within 6-8 months.   I need short term financing to buy this house but since I live in it, I have not found anyone (hard money or bridge loan) that will help as an "owner occupied" investment.

I have funding for the repairs and a down payment AND excellent credit.

Does any one have any suggestions how I can get the money to buy this house and/or find an investor to buy it for me and sell it back to me on short term note until I can get a traditional loan?  

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