Posted by JohnBoy on January 15, 2001 at 01:03:30:
If you need to be “creative” with costs and financing, then forget about dealing with lenders! Instead, find your dream home from a MOTIVATED SELLER! The financing will already be in place. All you have to do is step in and pick up the pieces where the seller leaves off!
That could be by Lease Optioning from the seller, or have the seller carry the financing by selling to you on a wrap, or just taking the sellers loan over “subject to” his existing mortgage! The KEY is to find a MOTIVATED SELLER and the deal will practically fall right into your lap!
No banks, no credit, no income, just your KNOWLEDGE is all you will need to make the deal happen. Find the motivated seller, find out what his problem is, then come up with a SOLUTION that will SOLVE his PROBLEM and where you would get your dream house! It’s THAT SIMPLE!
To find out ways to accomplish this, read ALL the “how to” and “success stories” at this site. You will find the links to these sections at the top of the main page on the left hand side.
Anyone know of any good lenders or mortgage brokers
in the Southeast , say SC…
I am looking to purchase a home to live in.
So, I need to be creative with costs and financing.
Posted by Ed Garcia on January 15, 2001 at 11:36:13:
Brian,
When I said, (however you are going to be limited in what houses are available if you have to rely on a motivated seller.) I meant a motivated seller who would carry back a second. Brian, you always want to look for a motivated seller, that’s how you get a good deal. But when you ask someone to carry paper, you can’t negotiate as good of a price.
If on the other hand, you can offer them CASH, you can cut a better deal. Even though you’re not really giving them your cash, it’s cash to them. I guess you might call it a play on words.
Re: Anyone know of lenders??? - Posted by Ed Garcia
Posted by Ed Garcia on January 15, 2001 at 09:23:22:
Brian,
JohnBoy has given you some good advice, however you are going to be limited in what houses are available if you have to rely on a motivated seller. Brian, you make no mention of credit, but you’ve stated you are planning to live in the home you’re purchasing, and assuming you have good credit with a 640 credit score or above, you can do a 100% financing.
My suggestion is to go to a recommended local broker and get pre-qualified for a 100% financing. This type of financing is not a secret, so you shouldn’t have any trouble finding one.