can u help me close this deal

General Real Estate Investing
1

we r getting a condo in my wifes name, she have qualified for 90% of asking price or appraisal price which ever is lower. but we don’t have the other 10%. we have a lease option on this condo for $118,000.00 we have paid about $1,400.00 toward the down payment.
i have checked the area and the condo across form us is selling for $148,000.00 another sold $152,000.00. we have a basement we are living in but it is not considered living space because there are no closets but there is a half bath down here. after we get it we will add closets and make it a full bath with a garden tub carpet on the floors u know just fix it up and move on to the next one.
CAN ANYONE GIVE ME ANY IDEAS ON HOW TO WORK THIS.
THANKS

2

I noticed people are looking but no one is offering any advice
PLEASE HELP US
THANK YOU
WILLIAM

3

will the owner carry a second for the 10%? I guess im not sure what your asking really…but I am a newbie…maybe an expert will help out

4

i haven’t asked him if he will call a second
but thats a option
I thought about selling my option to some one else and renting from them

5

You need to find a creative mortgage broker or lender to work this deal. Start calling some up, but do not let them run your credit. Tell them what you need and you want them to show you how it will be done,. Names of banks that can do financing etc. Many of these guys will not be sure and have to email or call there AE’s or Reps to see if it is doable loan.
Let them know you have a lease optiion on this property. Also you need to know if the seller is willing to help out with possibly changing the sale price to make it work with a silent 2nd for 10% down.

Also it will help if you know your scores before talking to brokers.

6

I’m coping this rely from one of your duplicate posts, since those are being deleted.

If you want to keep it:

  1. You can ask the seller to carry a note for the other 10% while financing 90%.
  2. Get with private lender in your area. If the property can appraise for higher than the price you’re paying, an investor may be willing to work with you for a short term loan until you can refinance.

If you want to sell it, it sounds like it can be a good deal for an owner-occupant. Check the contract to see if assignments are allowed or if you’d have to do a double-close, etc. Either way, get recent MLS comps for your unit or an appraisal so you can have a better idea of the value before and after improvements.

7

thank you very much for the info.
william

8

Sounds like you might have a good deal.
What area of the country are you in?

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