Help, Need Financing For A House For Me
Greetings all,
I have just started in the REI world, and am trudging through FSBO limbo... I found a property that I would like to get for me and my family to live in. I can easily afford the payments, and have exhausted all "traditional" REI tricks (subject-to, Lease-purchase, etc.) that I know of. I'd really like to get the house for my wife and 8 (soon to be 9!) children. I have a credit hit, so I can't qualify for a "conventional" loan. I'd be willing to do a lease-purchase on it if someone was willing to, and it was reasonable (don't kill me here). Does anyone have any sources of "reasonable" private money, or someone looking to invest? The house will probably appraise for about 190-200K right now, and I can get it for $175K. There is another 800sf that is 90% complete (upstairs) that I could easily finish to get another 40-60K in equity. Any ideas? Thanks in advance.
Rob
you can get a loan with a 525 credit score.......you may have to look around but they are there.......km
myfrogger,
Just wondering how did you know all the details of the individual who purchased your home? Did you do the financing yourself or did the individual share that with you? Is it a requirement that buyers must share their financial & credit info with the seller or just the financier or lender to qualify for a loan?
Thanks,
JS.
Quote:
On 2006-06-26 12:20, smithj2 wrote:
myfrogger,
Just wondering how did you know all the details of the individual who purchased your home? Did you do the financing yourself or did the individual share that with you? Is it a requirement that buyers must share their financial & credit info with the seller or just the financier or lender to qualify for a loan?
Thanks,
JS.
Buyers dont share their credit or financial info with sellers
As shown in my other post, I am dealing with this issue as a buyer.
Charlotte, I totally understand the need to qualify prospective buyers. But instead of giving you the information, what if I asked you for your brokers info., sent them my imformation and they would tell you whether or not I qualified for what you were asking without you actually having access to my personal info. All you really need to know is: "Can this buyer financially follow through on their promise to buy or not?"
A broker or lender must have a privacy policy in place to protect the information they receive from potential borrowers. You (as a seller) do not. So anyone who is giving you their information is really leaving themselves very open, right?
Just my 2 cents.
JS.