Posted on: 24th Aug, 2006 08:11 pm
Thanks Caron. I really appreciated your offer.
Best,
-Mark
Best,
-Mark
Thanks Caron. I really appreciated your offer.
Best,
-Mark
Best,
-Mark
hi caron,
here is a brief outline of my current situation:
sellar needs to avoid forecloser which is fast approaching. they lived it the house for over twenty five years and would like to continue to do so.
we worked out agreement were if they sold the house to me i would be willing to let them still stay there making lease payments with the option to purchase untill they finally get back on their feet again. they could still go thru the same lender and refinance at a later date .
right now they can't because the town has a 70,000 hold on the home for improvments. the wife was out of work( owner of a driving school before that) but now is also working and now making good money now. it was just a bad case of timing.
--the house was appraised at one time for 240,000
-the sellar needs to sell it for at least 185,000 to get a clean slate( $93,000 left towards the mortgage, and a $70,000 for grant by the town to fix up) so it's in very good shape!
as i mentioned, thier willing to help with the down payment and give cash back at closing. which i could also use for my small s corp business (athletic & fitness conditiong)
the problem is my credit score , the good news is that there are things on there that i have already took care of but it'll take at least 60-days for my score to go up. like i said earler the bank wuld approve the loan if i could come up with 20% down.
all i have right now to put down is from my 401k ($ 6000).
in addition to the sellars financial help with the down payment and cash back.
so my question is what can i posisble do next to make this happen.
i would love to help them out and help myself as well. it's a win win.
i won't make a lot of money out of the deal but at least they will be able to stay put in their own house and making monthly payments towards the lease and eventully buy it back. at the same time this would also help build up my credit score and buying power for next time as well. not to mention getting some extra cash to support my s-corp athletic and fitness business.
so do think it would make more sense to go thru a private lender? if so do you any recommendations, suggestions for finding them.
all the best,
-mark
here is a brief outline of my current situation:
sellar needs to avoid forecloser which is fast approaching. they lived it the house for over twenty five years and would like to continue to do so.
we worked out agreement were if they sold the house to me i would be willing to let them still stay there making lease payments with the option to purchase untill they finally get back on their feet again. they could still go thru the same lender and refinance at a later date .
right now they can't because the town has a 70,000 hold on the home for improvments. the wife was out of work( owner of a driving school before that) but now is also working and now making good money now. it was just a bad case of timing.
--the house was appraised at one time for 240,000
-the sellar needs to sell it for at least 185,000 to get a clean slate( $93,000 left towards the mortgage, and a $70,000 for grant by the town to fix up) so it's in very good shape!
as i mentioned, thier willing to help with the down payment and give cash back at closing. which i could also use for my small s corp business (athletic & fitness conditiong)
the problem is my credit score , the good news is that there are things on there that i have already took care of but it'll take at least 60-days for my score to go up. like i said earler the bank wuld approve the loan if i could come up with 20% down.
all i have right now to put down is from my 401k ($ 6000).
in addition to the sellars financial help with the down payment and cash back.
so my question is what can i posisble do next to make this happen.
i would love to help them out and help myself as well. it's a win win.
i won't make a lot of money out of the deal but at least they will be able to stay put in their own house and making monthly payments towards the lease and eventully buy it back. at the same time this would also help build up my credit score and buying power for next time as well. not to mention getting some extra cash to support my s-corp athletic and fitness business.
so do think it would make more sense to go thru a private lender? if so do you any recommendations, suggestions for finding them.
all the best,
-mark
Hi Mark,
Welcome back.
I appreciate your willingness to help someone in need. This is very rare today. Anyway, coming to your query, you can approach a private lender for a suitable loan offer at your credit score.
The banks may not allow you to borrow at low credit but there are various lending companies who provide suitable loan options to borrowers with poor credit scores. So, I don't think you will much inconvenience in finding a suitable lender. At the most, you may have to pay a higher rate of interest.
The next thing is that you have to find out a lender who will allow you to offer your home for lease with an option to purchase. You should explain the lender all the terms and conditions under which you are purchasing the property. And, if the lender agrees to all such conditions, then only you should sign the deal. Otherwise, you will be in trouble afterwards.
Regarding the lender, let me mention here that we do have a lenders community offering different types of loan products. You can just check out with our Directory of Ranked Lenders and find out what each lender offers.
Thanks,
Caron.
Welcome back.
I appreciate your willingness to help someone in need. This is very rare today. Anyway, coming to your query, you can approach a private lender for a suitable loan offer at your credit score.
The banks may not allow you to borrow at low credit but there are various lending companies who provide suitable loan options to borrowers with poor credit scores. So, I don't think you will much inconvenience in finding a suitable lender. At the most, you may have to pay a higher rate of interest.
The next thing is that you have to find out a lender who will allow you to offer your home for lease with an option to purchase. You should explain the lender all the terms and conditions under which you are purchasing the property. And, if the lender agrees to all such conditions, then only you should sign the deal. Otherwise, you will be in trouble afterwards.
Regarding the lender, let me mention here that we do have a lenders community offering different types of loan products. You can just check out with our Directory of Ranked Lenders and find out what each lender offers.
Thanks,
Caron.
Hi Mark,
You need not worry about your credit score as the market today has various alternative loan options if not the usual products to help people like you. If you are interested, we shall be glad to convey your details and requirements to our lenders community so that any of them can help you out. But for that, you need to do a no-obligation free loan sign up with us, so that we can start off to find a suitable lender for you.
Know how we follow up after you sign up giving your details.
Let us know if you have any other query.
Regards,
Jessica.
You need not worry about your credit score as the market today has various alternative loan options if not the usual products to help people like you. If you are interested, we shall be glad to convey your details and requirements to our lenders community so that any of them can help you out. But for that, you need to do a no-obligation free loan sign up with us, so that we can start off to find a suitable lender for you.
Know how we follow up after you sign up giving your details.
Let us know if you have any other query.
Regards,
Jessica.
