All Forum Posts by: Edwin Farmer

I wouldn't say that you ever "lost the deal" . . . No deal is lost until the property is sold to someone else.  You can't lose a deal by making a low offer either.  You can only be hurting yourself if your first offer is accepted.  When your first offer is accepted, there is no way of knowing if you could have gotten the property for less. 

I can understand the seller not wanting to accept an offer with contingencies after they got burned once before.  What I don't understand is why you couldn't get an inspection done before submitting your offer.  The water in the basement is bad news and could easily mean a major problem and could cost tens of thousands to repair.  If that's the case then this wasn't even a "deal" at the $65,000 that you offered.  This would be a reason that the seller wouldn't consider financing the deal. 

Remember . . . It's not a "deal" unless it works at your numbers.  If the property is still on the market ask if you can get a foundation contractor in to see the basement and get an idea about the damage and the repairs needed.  If you can't, walk away and be happy while you do it.  If they do not allow you get a proper inspection, it may that they will need to disclose any report that you provide to OTHER potential buyers.  If they already suspect $30,000 in foundation repair, they don't want to KNOW that it is there.

Thank all . . . I was working on verifying while talking here as well . . .

This was a scam . . .

The person that I was communicating with was not who they said they were.  I spoke to the actual person and I was not the first to contact them.  I lost no money, just some time.  It sounds like the others actually sent money and only checked things out when they never received their funding.

While this makes me the lucky one, I am still left to look for funding!

Ed

@Anthony Susco . . . I have sent you a PM on Facebook . . .

Don't apologize!  That's why I'm asking . . . He doesn't have, and I'm not giving him, my SSN OR my banking info. I as going to open a new account to receive his money.  

I agree that it doesn't look good at this point . . . 

Yes, there is an "Agreement to Terms" and a contract. Both have been signed and exchanged. No money has changed hands at all. 

I found him on a list of private lenders on myhousedeals.com.  He is very low key and has little foot print n the web  what is there looks good but I am concerned at just how little there is.  His business fors check out on the Nevada Secretary of State website (all businesses operating in Nevada must register) and he appears as the primary on a number of real estate related businesses.

References might be as difficult to vet as the lender.

Thanks for the help so far . . . 

Survey isn't great . . . I just joined today so I haven't saved a dime by being a member here (but, the answers to my first question may save me some money!) 

Hello . . . I am new to working with private lenders.  I do have experience in property financing, both my own homes and investment properties.  But, all of my previous experience has been with conventional lenders.

I have reached out to a private lender to finance a flip in Southern New Jersey. The deal looks very good, he is interested in financing and the terms look good. $125,000 for one year, interest only payments at 6% with 2% PMI.

The problem is that we are doing this deal remotely, I am in NJ and he is in NV. He wants (needs?) the PMI, $2500, transferred before dispersing the funds.

How can I be certain that he is legit?