When you find a “diamond in the rough” house or commercial property, you must act quickly! Day after day, investors are hunting for houses and commercial properties—and they probably have their eyes focused on the same prize. Discovering a spectacular property at the right price is the name of the game.
If it is a short sale or foreclosure—you need to act right away. Banks are around to lend money and make money. They are not in the business of property management and most certainly want to dispose of the property as soon as possible. When a building or house reverts back to the bank, the lender then becomes responsible for things such as maintenance, insurance and property tax. Again, this is not their forte—so you must work fast!
After you decide that this is the right investment for you—what will give you an advantage? Cash in hand is still king when it comes to real estate. Considering that time is of the essence—a traditional lender will not be able to accommodate a fast turn-around—causing you to miss out on the deal of a lifetime. In addition, you are probably going to need some extra money to get the house or property back in tip-top shape, and the banks actually make it more difficult for you to qualify for a loan on a distressed property. Banks have stricter requirements for investment and commercial property loans.
Foreclosed properties aren’t going anywhere and investors are in the position to make this work in their favor, provided they move quickly. A hard money loan can get you the money you need to purchase the property—as well as fix it up—in less time than the traditional loan process.
If you need to act fast to purchase a property, contact us right away to see if you meet our loan criteria. Give us a call at 404-814-1644 or contact us online. We are happy to help!