Posted by $Cash$ (NV) on August 10, 2002 at 15:48:56:
Joe Kaiser,
I said in a post the other day there are “trench writers” and “marketing writers”. The trench writer writes because he knows what’s going on. It is not a knock to anyone saying they are a trench writer, just a cold hard fact.
Looked at how the other posters percieved this question and how you did.
Dam your answer was right on and good!
$Cash$
NEED HELP FAST!!! - Posted by L.T
Posted by L.T on August 10, 2002 at 10:07:07:
Alright, heres my problem, I talked to this guy who invest in homes on the side and he’s got this home for sell in a city thats very close to my house (less than one mile). The house is in a nice city and the price he is asking is 115K. He’s very flexible and he’s even offering 5K at closing that could be used as the down payment. So really I’ll be paying 110K if everything turns out to be ok. I guess my question is that can I possibly purchase this house with bad credit. Will I be turned down if I apply for a loan at the bank. I’m going to look at the house at 12pm. I NEED HELP, WHAT DO I DO?
Re: NEED HELP FAST!!! - Posted by Ronald * Starr(in No CA)(
Posted by Ronald * Starr(in No CA)( on August 10, 2002 at 17:50:52:
L. T.–(Somewhere)-------------
You can slow down, breath deeply, and relax.
You are going off emotionally here.
Just because somebody wants to sell a property does not mean that you should be buying it. And that also applies to “motivated” or “desperate” seller. There is no indication here in your post if this is a good property to own or not.
What are similar properties renting for? What is the property worth–comparable sales? If it is worth $95K, buying it for $110K is not probably a good idea.
Even if this is the greatest deal in your town all year, so what? There will be other deals later which, even if not as good, are still acceptable. If you don’t know what you are doing, it is all right to pass on a deal. Only buy when you know you are getting a good deal, is my advice.
And it might not be the best deal all year in your town. Probably is not actually.
Learn your market place before you put you mark on a purchase contract.
Good InvestingRon Starr******
Re: NEED HELP FAST!!! - Posted by JoeKaiser
Posted by JoeKaiser on August 10, 2002 at 15:08:25:
Red Flags:
“this guy who invests in homes on the side” . . . probably a pro fishing for a newbie to chew on . . . can you say “lunch?”
“he’s even offering $5k at closing” . . . can you say “bait?”
Joe
Re: NEED HELP FAST!!! - Posted by JoeKaiser
Posted by JoeKaiser on August 10, 2002 at 12:23:12:
Red Flags:
“this guy who invests in homes on the side” . . . probably a pro fishing for a newbie to chew on . . . can you say “lunch?”
“he’s even offering $5k at closing” . . . can you say “bait?”
Joe
Re: NEED HELP FAST!!! - Posted by Michael A
Posted by Michael A on August 10, 2002 at 12:09:31:
Banks are pretty inflexible to “rookie” investors…
I would highly recommend some creative financing for your situation. THINK Man! Make an intriguing offer to someone that can help…
Re: NEED HELP FAST!!! - Posted by SteveG_Pa
Posted by SteveG_Pa on August 10, 2002 at 10:26:22:
Sorry for not being able to completely answer your question here but, just because he’s flexible doesnt mean he’s motivated, which is where you make your good money.
Does he "need’ to sell his house?
Hard to say what a bank might do, not knowing your credit history, but, and obviously I dont need to tell you this, chances are alot slimmer on getting a loan with bad credit, but it has happened.
Talk to him about seller financing, then you dont need to get qualified at a bank, lots of ways to get a property without going to a bank, to many to list here.
Whats your exit strategy? Plan on living in the property? renting? reselling?
Read the how-to articles on here (I know your pressed for time) but thats really the only way to determine which path to take. Good Luck!!
SteveG_Pa