Hard Money Purchase offer? Ugh!
As a listing agent, I get about 5 offers a week on my listings. By far the most frustrating, rarely closing, who is this company type offers are the hard money purchases. I roll my eyes when I see that 30% down purchase with other box checked and the financing line --hard money. I think I hope they did not hit this buyer up for a big application fee. I see some down payments as low as 5%, honestly, does this buyer really think they are going to get $150,000 to purchase a home that needs rehab-- on a weak credit score, low cash?
Then I call the lending company and rarely a response, most of the time I have to leave a message. What's with the google voice calls-- geez you can at least have a regular phone line! Do these companies promise salesmen big paydays and let them work out of their homes?
If they want a submit an offer, I have to put in these terms: some of the em is non-refundable, stays active on MLS, must order the lender inspection/appraisal within a week. What do you other listing agents think?
PS: Yes there some big-time rehabbers out there that close deals--you know I am not talking about you!