buying my rental house - Posted by evelyn

Real Estate Investing Real Estate Financing
#1

Posted by Ed Garcia on December 29, 2000 at 10:28:02:

Evelyn,

You’re sitting on all of your answers. First go back to the mortgage co. that offered to help you clean up your credit. They already know your financial picture and what to do with it, so why would you not proceed with them.

You don’t tell us what state you’re in. In California, title companies can get us comps and loan information. In other states, you may have to go down to the county recorder for this information. You might tell her the reason you are asking about the existing loan, is to see if it’s assumable, what is owed, and who is the lender? Your thinking, that you might see if you can get a second to buy, rather than refinance the whole loan amount. She may blow you away by just saying the loan is not assumable, but it’s worth a try.

As far as asking her if she will carry or do a lease option. Evelyn, you sound a little intimidated be this lady, don’t be. JUST FLAT OUT ASK HER. The worst she can say is no. In the process you might be able to find out what you should have known all along, and that is the motivation of the sale.

In regards to you mothers suggestion. There is nothing to talk about, try it.

Good luck Evelyn,

Ed Garcia

#2

buying my rental house - Posted by evelyn

Posted by evelyn on December 27, 2000 at 21:38:17:

Can anyone help me? I have been renting from my landlord for 16 months now, and I think she may want to sell it at the end of my lease in July. I have bad credit and all the mortgage companies in town are telling me to come and they will help me start to get me credit in order. I earn about 22k a year. the home is a nice 2500 square foot 3/2.5/2, two-story. I know that her brother built this home in 1994. How do I find out what is owed on it…she won’t tell me, and how do I suggest a lease purchase with her or just plain owner financing. She is a business owner and not your typical home seller. my mother is a realtor and suggest I go throught the county program for six months, as they will help with a $15,000 down payment.

thanks, evelyn
thanks

#3

Re: buying my rental house - Posted by Dallas P. Allbritton

Posted by Dallas P. Allbritton on January 04, 2001 at 12:30:42:

If you have been in the hosue for 16 months and paid rent on time for at least 12 months, you can refinance the house into you name. Copies of the cancelled checks will be needed and a selling price will also be needed which means you have to work with the owner to set a price.

Knowing what she owes is not as important as knowing what she wants and what the property is worth. Depending on where you live you can find out what she paid for it & what it worth you can eitehr call a realtor and ask them for a comparable study or you can go to this web site and pull up the address. http://www.titleadvantage.com/ You will need to set up an account but it’s free