Financing Question
We have a contract on a property worth about 125K with a sale price of 110K total. The seller is holding back 25K for 4 years so all she wants now is 85K. There is no mortgage on it as it was an inheritance.
My question is How could I get this property without putting any of my money into it? I don't want to put a down payment on it, I don't want to use up my credit.
Hard money lender? They mostly only loan 60 - 70 % of purchase price.
I could use some ideas here please.
Thanks for your help.
Anybody?
I do not know much about this, but perhaps there are others who can elaborate as to the possibilities.
Seller could possibly create a note for higher than the amount she wants now, and the note could be sold at a discount getting her the money she wants now and allowing you to purchase the house with little or no money and not using your credit. I think a lot would depend on the criteria required by the note buyer as to the value of the home, what requirements you would have to meet (a lot of note buyers do check credit but I've heard some don't), etc. Ask around for a note buying expert. I have the name of one at my office if you'd like it, if I'm allowed to give it.
Good luck,
Terry
Ask the seller to get a HELOC for the 85k; you'll make the payments and the loan can fund immediately (based on seller's credit of course).
Then It's basically the same as a sub2; you can even offfer to wrap the 25k second in at the same rate as the 1st and the seller and you both should be able to get what you wanted.
steve