Is This How It's Suppose To Happen?
I found an investor who may be willing to work with me in purchasing a house. He told me to find some pre-foreclosure properties, talk with the owner(s) if they are motivated to sell then refer them to him. He then will work with them to make a deal. If a deal can be made then he would be me in to lease the property for 6 months or so until I can conventionally purchase the home. Is this normal practice?
Thanks
Tonya
Tonya he is asking you to be a sales rep of sorts. He will offer them a short sale to stop foreclosure, then put you in at a more marketable price. You could work directly with the same (seller) to buy it direct.
Brad
I thought of trying to make a deal myself but at this time have no funds to close on the deal and if the property is going through a foreclosure the mortgage company is surely going to want some $ up front. I need to find a credit way to finance the deal myself. Otherwise I'd probably get screwed in the deal.
how are you planning on buying the house in 6 months' time if you can't buy one now? what's going to change between now and then?
A lot could happen between now and 6 months time.....the Lord works in mysterious ways my dear.......
:-D
All good points, if you can not get into a purchase with limited funds today, how would you get into a buy out in 6 months. There are seller carry backs and seller contributions but even non conforming lenders want you to bring some of your own money..
Brad
Tonya,
I am practically in your back yard. PM me to discuss your situation.
Tonya,
I'm not certain if you're looking for a house to buy for yourself as your primary residence or if you're investing. If you find the deal you can make money by assigning the contract to your investor. If you've never worked w/this investor before this is probably the best way to begin. Contact me via my profile.