Jerry,
Maybe you can contract to him with the stipulation that you can keep marketing the property. If you find another qualified buyer, the 1st buyer could have 48 hours to remove his mortgage contingency, or he gets kicked out.
Has he already spoken to a lender or mortgage broker? It shouldn’t take too long to get pre-approved once he turns his information over. If he needs someone, I know of a couple IL mortgage brokers who deal with ‘challenging’ credit.
I have a seller who says his bottom line is $64k. I have a buyer whose top figure could go to $75k. The condo association does NOT allow renters or I would buy it and keep it. The buyer has credit problems, but thinks he can get financed for 80% LTV, but I can’t count on that. Assuming the buyer will never get financed, I know there’s money to be made, but not sure how to go about it. Help!!
Thanks,
Jerry - IL
You might also tie up the property if you’re worried about it being sold from under you. You could do this with an option and a token sum of money, like $10, giving you some time to get things in order.