Posted by Geard J. Bonal on March 20, 1999 at 16:45:07:
In Carleton Sheets contract could you send me a sample of no-money down technique to sell to a mortgage broker- how do you fill the contract of buying a Duplex or a Quad Plex with no-money down and what do word do you put down for “Intial Deposit” ??? send to-bonal@roadrunner.com/ .
Help with CS techniques - Posted by Larry
Posted by Larry on February 18, 1999 at 22:06:00:
Could someone help me to better understand the exact process a person needs to go through to make a no money down offer. How do i get a seller to give me a 2nd mortage and how do you explain this to a banker.
Re: Help with CS techniques - Posted by Aurelia Macklin
Posted by Aurelia Macklin on February 22, 1999 at 12:12:05:
This is a technique that I am working on right now. I asked the bank to give a loan with a 80% LTV, while the seller has agreed to hold a note for the other 20%. The seller is selling the property below the appraised value. The bank is requiring that I show that I have at least 5% in bank, but will not need to close. Also, I asked the seller to pay some of my closing cost. Not sure if it is going to work but I am working on it.
Re: Help with CS techniques - Posted by Jneas
Posted by Jneas on February 22, 1999 at 21:44:10:
You don’t go to a bank with conventional financing and
expect them to give you a loan “nothing down”. Find alternative means of financing. Try a good mortgage broker who understands the ‘program’. Or better yet deal with 100% owner financing.
JN
Keep an open mind - Posted by Carol
Posted by Carol on February 28, 1999 at 06:36:40:
It’s amazing what good - and bad - things can happen.
Our first8 deals or so were with a large conservative bank who would lend up up to 95% of the TAX ASSESSED value, NO MATTER what else was going on with the contract (2nd mortgage, $$ back at closing etc etc).
Not only that, they did not require apprraisals (worked from tax assessed value) nor survey, if it was platted!
We were in heaven!
Did that last? Of course not. They were purchased by yet a larger bank who is not interested in those loans.
On the other hand, we had a loan refused last week because of an erroneous piece of information in a credit report, which has already been removed, and the relatively high number of inquiries that it has taken to get a lender to put the deal thru because of the now-deleted info!
You NEVER can tell. Talk to everybody and don’t be discouraged.
BTW the first lender was referred to us by a Realtor.
Carol