Posted by Kelly Marianno on September 01, 2003 at 20:31:10:
I presume you are not planning to live in the house. You have to be a little creative in your attempt to get that deal done. What you need to do is have an investor with their own financing in place to buy that deal from you once it has been setup and signed (i.e. Flip the property). Another option is to use a hard money lender to fund about 70% of the deal, then get the seller to carry back the 30%… Tell the seller you need a 60 day moratorium on payments. In that time, you will have time to have sold the property to a retail buyer. Depending on where you live, however, it may take a while to sell a property in that price range. Check out http://classicmortgagellc.com/ for the financing. They advertised on another site as having 100% funding even for less than perfect credit.