More roadblocks and more roadblocks and more roadblocks.....
A new HUD property was listed about 2 weeks ago at a great price so I went out to take a look this past Saturday. On Monday it was open for investor bidding and I wanted to be sure it wasn't falling over before submitting a bid. I also wanted to submit a "real" bid since I suspected someone would pick it up quickly. Anyway, I submitted an offer that I thought might be rejected or might be accepted, I didn't know. It was accepted - YEAH! This is in a fabulous, well established neighborhood. It's close to schools, parks, expressways, etc, etc. The sold comps for other foreclosures in the area are high $90's - low $100's on the market for 2 weeks or so. The current listings have nothing under $122k. We got the property for $85k. It is in very good shape as HUD's go and should sell quickly.
The problem: The new bank I was using changed their policy as of Jan. 1st to lend in ONLY 1 county. As you might have guessed that county is NOT the county my new property is located. So now I have to ask the other bank I work with to provide my pre-approval. I do not think she will do this since we have another HUD under contract with her and she is SUPER conservative. My final person to reach out to is the mortgage guy I've used in the past to see if his hard money guy will lend to me. This is closer to his area so it may not be a problem but it is obviously way more expensive. HUD is requiring this pre-approval within hours of signed contract so it's really hard to delay. Urgh. I need some cash partners.
On a brighter note my goals are going pretty well. It's not perfect but I'm just trying to be consistant.
I've got more to say but I gotta run! Wish me luck!!!