Why not buy it using a hard money lender? Fix it up, paying for the fix up with credit cards. And then refinance the property with a regular lender. They will probably require a higher interest rate but you should be able to refinance it once you actually have owned it for several months.
One small point though. When you let your emotions get in the way, it many times fogs up the way you see things. Make sure the numbers are truly accurate and not just what you want to believe they are.
Ok here’s the story… Found a nice 6 bedroom, 2 bath home, needs alot of elbow grease, carpet cleaned and a little paint, owned by Bank sell price $50,450.00 house worth as is $70,000 to $75,000, after fix up about 90,000 or so, want this house for my residence…Problem is really bad credit (mainly medical) and little down payment…is there anyone out there that would buy this house for me and sell it to me on contract for 2 years at $60,450.00 making a 10,000 profit??? or something like that?
or does anyone know of any other way I might be able to do this???
Posted by Karen McCall on March 09, 1999 at 08:30:12:
I don’t know if you’ve worked this out yet, but I figured I’d give you another suggestion too.I would call the ads in the paper that say they’ll pay cash for homes any condition, explain your situation, and work a deal, don’t geive them the address until you have something in writing to protect your interest (a contract with the bank subject to financing, or a lease option), that way if they are not honest you don’t lose your house.
See how the bank feels about financing the deal. They usually have a little more flexability when financing things they own.
If they seem even luke-warm to the idea, you could offer to:
move your checking & savings accounts to their bank.
auto-deposit your paychecks.
auto-draft your mortgage payment.
offer them over their asking price (last resort)