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Author Topic: How to refinance with bad credit?  (Read 3126 times)

Offline RichieRich09

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How to refinance with bad credit?
« on: July 31, 2009, 06:39:48 am »
My credit rating is poor - bk within last 10 years and never fully recovered.
I own a home that appraises for $125k. I owe $60k. I would like to put $15k into it for renovations. Banks won't look at me. I might sell it once renovated and move to an apartment. I'm tired of cutting grass (it's a double lot).
I've thought of working a deal with a contractor to do the renovations with a contractors lien, with payment plus interest due at time of sale, but don't know if a contractor would buy that or not.
Does it make sense to do the renovations before selling and try to get top dollar out of it, or to sell for say $90k "as is" and move on.
TIA for any suggestions.

Offline Gold River

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Re: How to refinance with bad credit?
« Reply #1 on: July 31, 2009, 11:33:44 pm »
Hi,

    Sell your home "As Is" as you would net yourself almost the same thing without going through the process of a remodel.

I calculated if you list it for $95k you will clear (assuming both routes offers were excepted with the same discount) about $2k less than you would to borrow hard money, remodel and pay the increase percentage of closing costs and realtor fee's.

So sell as is for $95k

Good Luck,

                   GR

Offline RefinanceQuickly1

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Re: How to refinance with bad credit?
« Reply #2 on: August 10, 2009, 10:42:03 pm »
How bad is bad? what is your credit score?

 




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