All Forum Posts by: Montez Greer

So the Hard Money Lenders will give me the money, and then I can tell the Seller it is an All CASH offer? 

If not, I should just present it though I'm getting a traditional loan?

So I put in an offer on a house for $75,000 ALL CASH. I plan on getting that cash from a Hard Money Lender. When my agent asked me for proof of funds, I sent them a pre-approval letter from my Hard Money Lender. Now the Seller's agent is questioning, if I'm paying ALL CASH, why do I need an approval letter?

We tried explaining the process of getting a Hard Money Loan, but either she doesn't understand, or maybe I don't fully understand. But we told her that the seller will get their money in cash, no matter where or how I get it.

What am I doing wrong? And how do I get past this Contract phase? Because I really want to just get this house under contract and move on before it gets too cold out. 

Ok that make sense. So if after that 14 days or so. How can I back out of the deal if it doesn't work out.

I am ready to make an offer, and my attorney has a contract for me to sign. I've heard that I need to give myself about 30 days to do my due diligence. Where in the contract do I tell the seller "I need 30 days to get inspections done and Contractors in to make sure their numbers match mine."? 

Or do I just fill out my agents contract, with the contingency of closing in 30 days? 

And if I can't find a contractor who can do the job within the price I need, how do I get out of that contract?

The asking price was $179,917. My initial offer was $155,000. They said that was too low under asking price. I then explained to them my role as an investor and that I could offer $160,000. The highest I could go to make a decent profit was $165,000 which still wasn't accepted. 

Got it. The seller just got back to me, and declined my initial and my highest offer. But thank you for your advice. Next time I will do it over the phone or in person if possible.

Good Morning BP. 

I made an offer on a SF House (For Sale by Owner) this past Sunday. My primary mode of communication with the seller was through text. So once I ran the numbers and found a number that worked for me, I texted her my offer and I haven't heard back yet. I know a lot of people like to relax on Sundays and yesterday was a holiday. Should I reach out again today? Or should I just be patient and not bug the seller too much?

Also was it appropriate for me to make an offer through text or email? Or is it always a better idea to call and speak to someone on the phone?

@Tiffany Stevens Yes ma'am

Thank you @Kris Wong @Mark Safrin and @Aaron K. 

This information was very helpful. They said they charge interest rates ranging from 7-14%. And Bigger Pockets have them listed on this website for suggested lenders, so I would hope they are legit. Now I will do more due diligence to make sure Ground Floor is a legit organization. Thank you guys so much for you input.