Anyone out there know of any Private/Hard Money Lenders who are lending on the appraised value of the home in Northern California for a purchase?
If there is enough equity in the property, do you need to bring in much to close? Any rehab loans-100% of the after rehab value? I know there are lenders out there but lending changes everyday. We have great rental history, 18 years on job with good income. How about a lease to own with good terms. Area looking is Northern ca, Antioch, Oakley, Brentwood, Discovery Bay. Just need some to give us a break and we are willing to pay the points and fees to get into a home. Please help us!
Angela
Home Buyer
Antioch, CA
Dear Angela,
If you find someone who is discounting their home, ask them what they were originally selling it for, and tell them you’ll give them their asking price without discounting the home (or at least not that much) but only on the condition that they will seller finance.
If they object- ask why. When they tell you why…
If they say: “But we don’t own it free and clear” -That doesn’t matter. They can create an All Inclusive Trust Deed (A.I.T.D.) or what is also known as a “wrap”. It’s like a circle within a circle. And if they say “but there is a due on sale clause” then they can deed the property into a trust named the same as their last name and then their trust can sell you the property and the bank would have a hard time having the legal grounds to call the loan. Besides- the banks have bigger fish to fry- if it isn’t broken why fix it? Right? I would have a hard time believing that they would call a loan that’s fine when they have so many foreclosures going on.
And if the property sellers say: “But we want cash, we don’t want to wait for our money”
That’s where I come in: I am an investor that buys these kind of loans.
And I show property sellers how to sell their house faster by discounting their well created promissory note instead of discounting the property.
If they have any questions they can call me 9-5 m-f PST
Regards,
Andrew Distad
(760)-296-1573
