Im renting a house that is worth $ 160,000.
The owner owes $ 160,000.
He is willing to do some creative finacning. Does any one have any Ideas. Thanks
Lease option?
Owner carry?
what ever you think can be a good deal. :biggrin
I’d go the lease option route, not as much money to get in and you can change your mind if you deside not to buy. There’s nothing a matter with a land contract(CFD) but you are agreeing to buy it, no way out.
Question if the property is worth that much however. Once you are close to buying come on back here and many will help you figure out good terms. Herbster
Im ready to buy it now. I just want to see the best way to structure the deal. Should I offer to take over payments?
Or how can I do a land contract if he has a 160,000 mortgage.
when it worth only 160,000.
thanks for your help. :smile
If you can get FHA financing and have at least $4200 (3.5%) cash on hand for a downpayment, offer the seller $120K and have the seller present the offer to his lender for approval as a short sale. Offer even less if the property’s value is not sufficient to support your loan application for $120K purchase price.
I cannot get a loan. I must have an owner carry.
I was thinking of just asking to take over his payments.
or if you have any other Ideas. Thanks