Buy a home with Cash, Using Hard Money
Make Competitive Cash Offers To Buy A House
Do you want to buy a home with cash and make competitive offers that mimic all cash offers with no contingencies? Does it sound too good to be true? It’s not. It’s called using a hard money loan.
These loans work more like a line of credit than a loan. In most often they don’t go on your client’s credit at all. So how does it work? Your clients get approved with us for a line of credit rather than a permanent type of loan.
Once they’re approved, they can go out and make competitive offers that mimic all cash. These loans can close in as little as five to seven days with no contingencies.
An Example of Client that Bought a House as Cash
Let me give you an example. One of the realtors that we work with a lot. Her client wanted to make a very low offer on this property. We’d approved him for a line of credit with us. And the seller accepted his offer, which was a very low offer. As I said, because he could close in five to seven days with no contingencies.
Hard Money Loans are Competitive
How competitive is that? And if you think private money loans are super high cost and won’t work for your clients. Think again alone. Except, for example a loan that’s 9.5% that your client only keeps for two months before they refinance with long term financing. Actually only cost them 1.85% in interest.
What a low cost when you consider the high cost of losing a deal, you just can’t put a price on losing a deal.
Do you want to help your clients make cash like offers with no contingencies so you can get better deals on properties? Think about using a private money mortgage. If you don’t understand how these mortgages work, you should. Realtors that understand how these mortgages work. They make more money and close more deals.
So reach out to us and let us help you understand how to use private money mortgages to help you close more deals and faster for your clients. I’m Corey Dutton. I’m a licensed private money lender. Reach out to me.