All, greetings. How would you structure this? I am not an investor. I have found a house. The situation is that the homeowners built it as an investment for $617k. They closed in June, so the house has been sitting since then. They orig. listed it at $699, then down to $649, then now, to a rental for $2100. I have offered them a lease option, for 6 months, for sales price of $655, which they have agreed to. However, they are desparate to get out of the house now, because the $2100 is not covering their mortgage of course, and they feel they are already in a situation to be upside down. My situation is that I need the 6 months to pay down some utilization and score increases, to get 100% financing. I have already been pre-qualified, based on those conditions taking place. My question is, is there any other creative financing option which I could offer them, which would allow us to help them, and perhaps lower their asking price, which would benefit my wife and I? Perhaps I could somehow assume their mortage, in exchange for lowering the sales price? All, any help would be great, and appreciated.
What about a seller carry back?
Well, yes, I thought about that too, but in speaking with my broker, he mentioned that it may be a stretch to even get 80% for me right now, so that they could carry the 20%. Yes, this was the first option. Looks like anything I do right now, won’t involve a documented loan, I will have to choose some other kind of route with the seller.
Assign the contract to someone else, take a fee.
Thanks, can you elaborate? When you say assign contract to someone else, do you mean, let someone else buy, and wife and i are added to deed? Could you explain? Thanks.
Assignment is giving someone else the option to purchase. Then negotiate a lease option with that other individual.
Other option if you have some cash to put down would be having the seller finance the whole deal and then selling the note to a note broker.
For more information about notes visit www.usnotegroup.com or call
1-877-539-0055.
For more information about assignments visit the “Bird Dogs, Wholesaling” forum.