I have a question for the experts. I have a deal that has been presented to me and I’m looking for any thing that I should be cautious of. I had a Realtor call me and she has a client that is looking for a house to buy but she has bad credit and can’t get conventional financing on her own. She does have enough cash to make a year worth of house payments (put into escrow) and give me 10k up front and another 5K when she closes on the house with here own financing. That’s where I come in, I will get financing for this house and I will make the payments (taxes and insurance) out of her escrow account. This sounds too good to be true. Has anyone out there done something like this or have any experience with this type of deal? If so, what are the things to watch out for?
One other question, if I finance this deal, will it hurt me if I need to refinance my own house in a month
Thanks for your help in advance.