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Hard Money Loans Fix N' Flip and All Cash Offers


 Making profit with a "fix and flip" property is a great way to make money in real estate.  Fixers can be very hot commodity  and attract many potential buyer eager to bid for it.  It is important to understand the concept of all cash offer and the  alternative of no contingency hard money loan by private investor. 

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 All Cash Offer - What does it really means?

 On every purchase agreement  the seller demand to know how the buyer is planning to pay for the property. The ability to secure financing play a major role in the seller decision to sell a property.  When you select the ALL CASH option your chances to win the property are much higher than selecting any other option.

 Even though you represent to to the seller that you are a cash buyer and need no loan to close you still can place a loan prior to closing and in almost all cases the seller will not object to it. This can be done providing only that you do not delay closing and have the loan 100% approved and that can be accomplished by getting a private hard money loan.     

 Short of having "all cash",  having  only 30%-40%  of the purchase price will give you fair amount of control and a good chance to be a successful bidder providing you follow the plan on this page. Some purchases deals can be made with as little as 25%-15% of the purchase price but they are not easy to close. Doing a FixN'Flip with no cash at all is very unlikely at this writing (April 2010) however if you have equity in other properties it can be used in lieu of cash or you can get partner with cash or equity to help you buy.     

Below are your options as written on a purchase contract.  .  


Unacceptable options for buying fixers, will most likely be refused by the seller. Never use this option on a real fixer.    H. LOAN TERMS:
1) LOAN APPLICATIONS: Within 7 (or ) _________Days After Acceptance, Buyer shall Deliver to Seller a letter from lender or loan broker stating that, based on a review of Buyer's written application and credit report, Buyer is prequalified or preapproved for any NEW loan specified in 3C above. (If checked, letter attached.)
(2) LOAN CONTINGENCY: Buyer shall act diligently and in good faith to obtain the designated loan(s). Obtaining the loan(s) specified above is a contingency of this Agreement unless otherwise agreed in writing. Buyer's contractual obligations to obtain and provide deposit, balance of down payment and closing costs are not contingencies of this Agreement.

(3) LOAN CONTINGENCY REMOVAL: (i) Within 17  (or )______ Days After Acceptance, Buyer shall, as specified in paragraph 14, in writing remove the loan contingency or cancel this Agreement; OR (ii)  (if checked) the loan contingency shall remain in effect until the designated loans are funded.

Second best. Use  in case that you cannot show  ALL CASH (4) NO LOAN CONTINGENCY (If checked): Obtaining any loan specified above is NOT a contingency of this Agreement. If Buyer does not obtain the loan and as a result Buyer does not purchase the Property, Seller may be entitled to Buyer's deposit or other legal remedies.

I. APPRAISAL CONTINGENCY AND REMOVAL: This Agreement is (or,  if checked, is NOT) contingent upon a written appraisal of the Property if checked, Buyer shall, as specified in paragraph 14B(3), in writing by a licensed or certified appraiser at no less than the specified purchase price. If there is a loan contingency, Buyer's removal of the loan) Days After Acceptance). If there is no loan contingency, Buyer shall, as specified in paragraph 14B(3), in writing remove the appraisal contingency or cancel this Agreement within 17 (or ________Days After Acceptance. contingency shall be deemed removal of this appraisal contingency (or, remove the appraisal contingency or cancel this Agreement within 17 (or_______ ) Days After Acceptance, Deliver to Seller written verification of Buyer's down payment and closing costs. (If checked,  verification attached.)

 Best guarantee of successful bidding ! J. ALL CASH OFFER (If checked): Buyer shall, within 7 (or ________) Days After Acceptance, Deliver to Seller written verification of sufficient funds to close this transaction. (If checked, verification attached.)



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