I have a ‘handshake’ contract on a home in Indianapolis for $52000. I also have a Retail buyer for the home that I can re-assign contract to for $57000. I have not done this before and would like to secure financing for the retail buyer before I stick my neck out and formalize the purchase agreement with seller.
What I know of the buyer is that she has very limited credit and from what she tells me, no bad credit. I dont beleive she has but 1 or 2 tradelines of credit (utility, cellphone). She also tells me that her mother in-law in Califronia will cosign loan if necessary - and she has bough a house witin the past year.
Two things -
Any suggestions for the process to help it go easier for me?
Recommended financing for the retail buyer?