In the current economic climate there is no income, no cash, and no credit required. You can obtain funding to close all of your deals in 48 hrs!
With the sub-prime mortgage debacle, and the recent tightening of the credit markets, you have no doubt noticed how much more difficult it is to acquire financing for almost any real estate deal these days.
In the past, plenty of hard money options, along with double closings and simultaneous closings made closing REO's and Short Sales a breeze.
However, with the credit crunch, mortgage fraud, and tighter restrictions with lenders and title companies, closing on Real Estate Acquisitions isn't as easy as it used to be.
However, there is still one very simple and easy way to close your REO, and Short Sale transactions without using double closings, hard money, income verification, none of your own cash, No AAA credit, No simultaneous closings, or even the over complex land trusts.
That method is using back-to-back closings to get all of your short sale deals closed and funded on time. Back to back closings take a short sale deal and turn it into two separate and distinct transactions.
The first transaction is the homeowner facing foreclosure selling to the pre-foreclosure investor. The second transaction is the real estate investor then selling the property to the end retail buyer.
However, even if you are using a back to back closing, and your end retail buyer has secured their funds, what makes this work is that you need to secure your own funding, as the real estate investor.
So where do you get this funding of your deals? This is often called transactional funding, and today, there are many lenders making these types of loans. Lenders love transactional funding, because they are only lending for a period of a few hours, and this represents zero risk to the private investor's cash.
With the end buyer's loan already approved and in place, two separate and distinct transactions take place on the closing day. The first is the investor purchasing the short sale deal from the distressed homeowner.
This is funded by the transactional funding company. Immediately after this transaction has closed, the investor is then turning around and immediately selling the property to the end buyer.
The end buyer is using funds obtained by him through a traditional loan, or cash through lenders like Upperhouse Mortgage. Most conventional lenders today won't have any issue funding these loans.
The only such exception are FHA loans, which at the time of writing this article, have a 90 day seasoning requirement. However, as the real estate market changes, and the housing market remains volatile, it is very possible that the FHA might change its guidelines.
Transactional funding is the perfect way for pre-foreclosure investors to fund their short sale deals in today's foreclosure ridden market. There are plenty of choices for funding companies, all willing to fund these simple, easy short sale transactions.
However, one of these companies will even pay you a hefty commission to find deals for them up to $50 Million Dollars. You find it, they buy it, and you get paid a hefty commission. There will never be a better time for you to "Think And Grow Rich" in Real Estate!
Every now and then money can get a little tight in between paydays. You do work, and the money is coming, its just that payday is a week away. Something has come up and you are in need of some cash - but only till payday. This is where it could be real handy to get a short-term loan. Here is what you need to know about getting one for your needs.
Short-term loans also go by a number of other names, such as payday loans, cash advance, fast cash, and a few more. These loans enable you to get the cash you need in a very short time - sometimes in about an hour, but some places will take up to 24 hours.
All you need in order to get your short-term loan is being employed at the same place more than three months. In addition, you will need to make more than $1,000 each month. They will ask for the name and phone number of your employer, and may call for verification. In some cases, you may need to fax copies of some of your recent pay stubs to them as proof of your income. A bank statement may also be needed, too.
You will also need to be ready to give some pertinent checking account information. This is where you will get your money, which will be directly deposited into it. Also, the money will probably be withdrawn out of it on the day the loan becomes due. An alternative way of paying is that you pay the loan off in person at the loan office. This account will need to have been in existence also for about three months.
Short term loans, or payday loans, are required to be paid back in just a few days - usually your next payday. Your first loan from a payday loan office - or Web site will be small, probably less than $400. You also want to make sure that you pay it off on time, too, as this will help you to get payday loans in the future for more money. Not paying it will quickly get you into trouble and banned from future payday loans.
Be aware that these payday loans can have quite a high interest rate. This can range anywhere from about 15 all the way up to 30%. At this rate, you will want to shop around some so that you can find a good one. One nice thing that you will also want to look around for is that a number of payday loan providers will let you have the first one interest free.
Some payday loan lenders also have some differences in how long you will be given to pay the loan back, too. This is a newer feature, and not many do it yet. Some, though, will allow you to pay it back in three or four payments - instead of all at once. Because of the high amount of competition between the lenders, new features are slowly being added to make their loan product more desirable. By shopping around, you may be able to find even better deals.
Both Sharyce & Joseph Kenny are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Sharyce has sinced written about articles on various topics from Real Estate, Tools and Resources and Blogging. Upperhouse Enterprises, Inc. has been in the real estate industry for over 32 years, specializing in creative financial structures, and prides itself on ethical, honest behavior, with integrity. Let us show you how to secure. Sharyce's top article generates over 12100 views. to your Favourites.
Joseph Kenny has sinced written about articles on various topics from Credit Cards, Debt Consolidation and Credit Cards. Joe Kenny writes for Rebuild.org, offering , or read the article on. Joseph Kenny's top article generates over 550000 views. to your Favourites.