How do you as a preforeclosure investor get the loan money needed from the bank quick enough in order to? November 26, 2009
Posted by Banking in : Renting & Real Estate , trackback
close the deal on time? Say the auction is in 10 days, how can you get that kind of money in Cash, into Escrow by then, and even find a bank/loan officer willing to approve you in that short of time? What’s the fastest amount of time that one can get a loan? 1 month? 2 weeks? Thanks!
By: kubex1
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By: kubex1
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I think It might be a good Idea for you to get pre approved before making an offer on a preforeclosure. Hard money lenders have the ability to close loans much faster than a conventional lender but the money does cost you more money. Typically you can expect to pay 12% and between 4-6 points up front.
I think hiring an agent would help you expedite the loan process as they know the how’s and what’s more better.
See these websites which may help you:
Most of the time you have to pay cash, certified check, or money order on the day of the auction before the end of the day. You can’t even get an inspector or appraisor into the house. You would have to have the loan out ahead of time.
I just pay cash.
Investors mainly pay cash. Loans are debts, not investments.
But that said, it only takes about 3 days to get a loan if your ducks are all in a row. Once you have one loan with a bank it only takes a phone call to set up another.
I have 10 with Wells Fargo (they cut me off) and several others with a couple of other lenders.
Wells Fargo is by far the easiest to work with.
As with any type of Real Estate Investing you can’t very well go shopping if you don’t first have money, so line up your financing first then start the process of locating and identifying investment grade properties.
Graywolf