All Forum Posts by: Marty Happle

I'm selling a flip and the buyer has a VA loan. They are dragging their feet to say the least, costing me thousands already. Is there a way to speed up the VA? The buyer's attorney says they are asking the bank for a closing but the bank keeps putting it on the VA.

Definitely legal costs in judicial states and trustee costs in trust states are added to the bottom line, they are a capital expenditure.

Thanks.

A friend of mine is behind on his mortgage and facing foreclosure due to an injury that kept him out of work for over 18 months. Someone offered to purchase his house if a short sale can get approved and lease it back to him with a chance to purchase it down the road. If this is legal, how would you be able to protect yourself from this investor taking the house?

Do you have money for closing and possibly like 20% of rehab costs? If so then if you have a deal that works it is more than possible to get funding from hml lenders. If you have even more money then you can get 80% of cost from a lender as long as they agree that it is a good deal.

If you don't have money, then find a partner or family member /friend that can jump in with you and combine that with hard money. Take the money as a loan, but it can't be secured because the hml would want to be the only lien.

I'm in the Home Depot in Bloomfield daily since I'm flipping a house in West Orange. There is a huge advantage to flipping a house near a home depot!! Jersey is heating up and it's a great time to get in.

Any update on this yet? Or am I just missing it?

There are several options that are available, I would be more specific to get a better answer. Jon Holdman's post sets the stage. Some questions to ask would be:

What is the unpaid balance? On all mortgages if there are more than one

When was the last payment made?

What is the total amount to get the mortgage current?

Are the taxes current? Is it in an HOA? (they can take the property too)

How much is the house worth? (not the owner's opinion, a local real estate agent's opinion)

Has the house been on the market since going into foreclosure?

A short sale may be an option and there are some people that would be willing to help if it is a good deal and it would buy them some time.

Thanks Darren & David... I'll follow up with this guy.

I have a flip 3 family house 3/3/1 in Northern NJ $140,000 purchase (bank approved short sale) $65,000 rehab 2 months $380,000 ARV. What type of offers should I expect for a hard money deal ?

If someone advertises 650 credit score and 70%ARV on a hard money deal, doesn't that mean only closing costs needed for the applicant if the numbers check out? Would it be considered unethical (after a $250 application fee) to say that your score is 655 so we will only give you 60% and you need $30,000 of your own money? Also how many hard money lenders are concerned with the income of the applicant?