I have a situation and I don’t know what to do, I’m currently renting a house and the owner doesn’t want to deal with it any more so he wants to sell the property he is going to list it with a realtor, ‘’‘more like giving it to them’‘’', he boughed it at $202.000 five years ago and the current market value is $ 167.000. Monthly payment is $1300.
Right now I 'm working par-time so I don’t think I qualified for a loan, nor I have money for a down payment and my credit is not very good, I think that this can be an opportunity to make an offer, just don’t now how to structure it or if is a good deal.
please help, any advice is welcome and appreciated thank you… :help
Well owner terms obviously won’t work in this deal, as you’re paying his mortgage timely now and he still wants out right? or is the house paid off and he just wants to get rid of it?
honestly you could probably get him down far below market value, have you asked him what he would list it for?
but if you can’t qualify for a mortgage or get private lending, not sure what your options are
Sorry, NormaJean, but you are not ready to purchase a house. Just because you want one does not mean you deserve to own one.
If you want a house, your first step is to fix your credit. You do that by paying all the debts you owe and getting all the judgments off your credit report. Then you always pay your bills immediately so no payments are ever late. Your credit score will shoot up.
As soon as you get your credit straightened out, you start saving up the money for a down payment.
You are working part time, so you have the hours available to take another part time job and increase your income. Or even better, you have time to go to college and learn some sort of skills that will qualify you for a good paying job.
Good luck to you. If you really want to own a house, you can do it. Lots of other people have been able to make it happen, so you know it can be done.
How much does he want to sell the house for? If the market value is $167,000 and he wants to sell it at $150k, for example, you can put a contract on it and flip it or assign the contract for a fee. You would not probably be able to stay in the house, but you can make some money on it and use that money to get you into a next deal. You are in the perfect situation to do so, since you live at the house and you can show it at will. In this forum there are hundreds of suggestions on how to find buyers for flip or wholesale deals, who can act quickly. Good luck!
I agree in principle, but not with those numbers you used as an illustration. Ask yourself exactly who would buy a $167k house for $150k? Not a cash buyer, they’d want a much bigger discount. An owner occupant would, but you probably wouldn’t get them to pay you an assignment fee, it would scare them off.
Normajean you haven’t given us enough info to determine whether there’s a deal or not. What is the condition, asking price, and loan balance (if there is a mortgage)? With no credit or access to money your exit options are limited to wholesaling or optioning for the most part.