Anyone know of hard money loans to buy a house(s) at tax deed sale?
I have been trying to find info on the internet about hard money loans to buy houses at an auction for like 2-50K worth. We have some money saved in savings but dont believe we can get a home loan becuase they say if they cant inspect the house which is usually the case with these auctions, then they cant give you a loan, or because the condition of these homes when the people are foced to get out. SO ANY ADVICE OF WHAT LOAN, I HAVE BEEN REJECTED FOR PRIVATE LOAN BY MYSELF, BUT MY FIANCE AND I WANT IN THIS TOGETHER. What are requirements for this hard money loan?
Is is it very likely we could qualify for this loan.
We dont own a house. We dont rent. I own a brand new car, little debt.Fiance just rid of his car,little debt. combined monthly income, ,000. Fiance credit is 690. Mine 715. Only colateral is my car. If they ask for a colateral do they do that when you get the house? as the colateral??
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3 comments
loanmasterone on August 21, 2009 at 4:42 pm
Even a hard money lender would want to qualify you for a specific property, have pictures and an appraisal on the property even if it is only a drive by appraisal or at least have 3-4 compts.
Hard money lenders would normally lend you up to approximately 60%-65% of the appraised value.
I don’t know the value of your car,nor the cost of the tax liens you plan to purchase. There are a few advertised lenders that you may pawn your car to and keep driving it. You might goggle pawned autos or check your local telephone book for these type lenders.
I hope this has been of some use to you, good luck.
"FIGHT ON"
knowitall on August 21, 2009 at 4:42 pm
You need to research the tax sales. In GA, you are not allowed to do anything with the property for 1 year after purchase to give the defaulting owner a chance to pay the taxes ( plus 10% to you) to get the property back. You may not improve,rent out, or live in the property during this year. You need to buy a foreclosure instead.
teran_realtor on August 21, 2009 at 4:42 pm
1 – Wait until you’re married to buy a house together, or get an attorney to draw up paperwork forming your corporation between you and your business partner.
2 – Buy a HUD foreclosure. You can get a loan on it. You get preference over investors if you will live in it for one year – during that time, you fix it up and then flip it if desired.
3 – Only buy at auction with savings you are willing to risk, not your life savings, and not a loan.
Good luck.