I found a house way below Market value. I can’t get mortgage right now( my credit score is not so good). I can Sell my house and get around 50K cash out of it. I want to move into the house I’m purchasing. The house has been for sale and is now for rent. It is in Wake County NC
Here are my questions
How do I approach the home owner?
What is the best process to get the deal done? Is there any way to do this without going thru the traditional mortgage? Real estate process?
what should I be looking for?
You could do a Lease Option to Buy, if you think you can get your credit cleaned up in the next couple of years.
If there is a lot of equity in the new house, you can probably can get a mortgage/refinance after a year at 50% loan to value if your credit is borderline good by then.
Stay away from hard money lenders or private loans if you plan in staying in the house - work something out with the owner directly, like a lease-purchase.
I can’t afford both, I going to sell the house I’m in. My credit will rapidly improve once I pay off the my CC. I haven’t used that credit card in 4 years so I’m not ever going into debt again. except for a house.