Joe, Why not simply explain to the seller that you’re interested in his property but you would be willing to pay more for the property THEN suggest that he refinance the home for more than the 15% for the down payment since he has the property and better credit than you. And credit what he would be refinancing towards the home and begin repairing your credit for a period of time say 48 months THEN you will be able to cash the owner out, what do you think? Check out www.creditinfocenter.com for information on how to repair your credit yourself.
I have bad credit and can’t get a traditional mortgage. I have found a single family home (for my primary residence) that the seller owns free and clear. He is flexible and willing to owner finance with at least 15% down (which I don’t have). What are my possibilities? What about a Quit Claim Deed and then I refiance? (with my credit problems??)If possible how would that work? Seller would hold paper as a 1st or 2nd mortgage.