I need your urgent advice. I have been offered a property that's awaiting ratification of the foreclosure through the courts. This should take another 2 weeks or so. The person that's offering it to me is an investor/rehabber but is not interested in acquiring another property at the time. If no one else steps in to purchase it, though, he and his partner will. He says that once the ratification process has been completed, we can settle within 10 days. He wants me to 'step-in' and take their place in the 'winning position' so that they don't have to pay the lawyers and the title companies twice; once for them to buy it, then again for me (the buyer) to buy it from them. I would give him a 5k check that his lawyer would keep in escrow in order to hold the property. Then I would pay in the courts $46k (this has to be cash); and afterwards setttle with him for the difference (whatever "commission" or "fee" we have agreed he should get for finding the property). My problem is that I don't have $46k so I was thinking of going to a hard money lender. How do I present this property to them? I would take this hard money loan, and after making some minor cosmetic repairs, refinance the property so that I can get better terms and put it up for sale right away. Does anybody have any comments about my proposed strategy? Does anybody know of hard money lenders AND mortgage brokers specializing in Baltimore, Maryland? Please help!!!
Thanks!