well if you're trying to acquire conventional financing, the subprime market is all but dried up completely.if you've got good credit and some money banked, you'll be fine.if you've got bad credit and no money - forget about conventional financing.

Also not opposed to going private money if need be for faster closes, there is a guy in San Mateo I've spoke with and nearly used for the other rehab I did since the simultaneous close situation almost made that a necessity but my broker still pulled off a conventional loan to make that happen.

now that most states have a 40% or higher forclosure ratio the banks are allowing compilers to access their inventory via websites and distribute their non performing properties and reos to the general public. they are selling these anywhere from 35% to 65% ltv. traditionaly it was hard for the smaller investor to obtain these properties in this mannor due to the higher minimums set at $10,000,000 but now the banks are allowing even single properties to be obtained in this mannor. i am happy to refer anyone to a broker or compiler i have used if they are interested.

secondly, if the "land trust" is used....i was told by this same escrow/title company [regional district supervisor] that the lender will not accept the "land trust" because they are qualifying the individual, not the trust....this is btw, the "end-buyers" lender....and this also is illustrating the "end-buyer" using traditional/conventional financing...not "cash" or "hard money"......thereby, limiting the option of this being used as a viable means to close this SS transaction.so, i guess the verdict is still out as to what is the real way to accomplish a successful SS closing where those of us doing this work can really each some pay.....

Normally during final underwriting when you are hours from the scheduled close.Simo closings (or similar) can be a big problem with conventional lenders and naive, Average Joe buyers.John Corey

There could be a market convention in your area for project management.

Are they willing to wait around for your buyer to get conventional financing?

i am curently looking at a home....its been on the market for over a year the bank recently foreclosed on it, there tring to get rid of it for 150k and its worth 180k (as is)... 210k is the arv.... i have a buyer that this is the area were he wants to buy hes a handy man seeking a whole sale deal, somthing he knows he can fix up....anyways hes got financing ready for up to 170k the question i have is it possible to still do the deal with a conventional loan??

If its not a seller's market, and there is a lot of inventory - you need the exposure that a COMPETENT Realtor can provide in marketing your home.Find someone that has a track record of moving homes in your area in a timely fashion.

There are conventional lenders that have rehab loans as well they will generally require that you put some of the money down on the property usually about 15% of the initial purchase price but rates will be better and you will have to use a liscened contractor.If you have other questions please send me a pm I will try to help you if I can.