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    1 Reply Latest reply on Jun 13, 2008 3:00 AM by madereal

    Home in Short Sale, New business, need funding, please read!

    danipink Wayfarer
      Hi there,

      I would love to talk with anyone that would be of some assistance or could steer us in the right direction before we go to a bank for a loan. I'm just about finished with our business plan. This is all new to both my husband and I so getting everything presented the best we can is key. We will need a loan of $40 thousand or an investor that would be willing to be paid back in payments. Our business will be a Tanning salon and Body Spa in Indio CA about 30 minutes away from Palm Springs Ca, and we have some amazing ideas. I'm a licensed Aesthetician that is ready to work for herself and family and our vision is so strong. We have a great location picked out in a newly developed are that is growing tremendously. The goal would be to sign a lease the end of Aug. for a Grand Opening in Dec. or Jan.08 this would give us enough time for any build out issues and to start during tanning season. There is a reason why we are a little leery as to wether or not we will be approved by a bank or not and here is a little insight into that.

      Last May we put our home on the market because we decided to purchase our first new home since we were expanding, I was pregnant with twin girls at the time and have a 2.5 year old son. We got an offer then to find out 2 weeks before the close of escrow the party decide to back out. So time went on and the market got worse. The agent we were using at the time priced our home too high which lead to this (not the agent we thought he was). Long story short we both have great credit but had to decided to Short Sale our home and default on payments because we couldn't afford two mortgages or to rent it out.

      The home would have been sold awhile ago but being that it is a Freddie Mac loan the bank will not pay closing costs which is deterring a lot of people from buying. It's priced at 215,000. Which we paid 300,000 three years ago. It's located in Cathedral City, the neighboring city to Palm Springs. It's in great condition and has many upgrades, 3 br, 2 bath, 1350 sq ft. brand new split system 3.5 ton ac/heater unit was installed in June of 07. It's is a pre-approved short sale, which means all we need in a buyer! The paperwork and appraisal is approved, we just need to get out of this.

      We've never been late on payments, have no debit except for our Mortgage, cars are paid for, this worries us that we won't get a loan to start our business because of this short sale. We have a great agent now who is working her butt off to sell our other home but have a about a month and a half until we will be foreclosed on. Praying that even if it comes down to the last minute hopefully we can get the other house out from under us. Does anyone have some advise as to the best way to go about this and get funding to start our business? Is this completely out of the question? Is there any way around this? In need of advice urgently, thanks for your time.


      Danielle Pinkerton