Ok..time for a real stupid question from a "newbie"... - Posted by Jerry

Posted by Gina on March 29, 2000 at 14:37:23:

I too am unemployed and on social security{will be getting off it soon} is it possible to buy homes in that possession.Would like some responses. Thank you

Ok…time for a real stupid question from a “newbie”… - Posted by Jerry

Posted by Jerry on March 22, 2000 at 21:58:51:

I just received the Sheets program, and it makes sense (so far) for the most part. My question is this: several times he mentions having the seller hold a mortgage. Does that mean that there is NO banks involved in the transaction? Does this mean that I am paying a person for the term of the mortgage instead of a bank? Seems like no seller would go for that (I am sure that I may be wrong)…

I have bought a house before, and what I did was to go to a mortgage company, get a mortgage, and pay the seller the amount of the mortgage. He got all his money, and my down payment was paid to the mortgage co.

Am I nuts here? Or just grossly in need of more education on how this works?

I apologize for the stupid question…

Jerry

Re: Ok…time for a real stupid question from a “newbie”… - Posted by chris

Posted by chris on March 23, 2000 at 03:29:32:

http://www.creonline.com/articl13.htm and all of the other articles at this site should help you out.

Yep… - Posted by David Alexander

Posted by David Alexander on March 23, 2000 at 01:22:56:

Education is the key. I’m going to buy a couple houses in the next few days and I promise you I won’t go out and get a mortgage. As you educate yourself you’ll learn how to put deals together many different ways, getting a mortgage is only one of them.

The Key is and always will be a "Motivated Seller"
Look for Motivated Sellers not houses, and the pieces will come together as you help them solve their problem, you’ll be able to buy houses, In some cases with no money, other cases none of your money, and most cases no credit.

David Alexander

Re: Yep… - Posted by Mario F. Lister

Posted by Mario F. Lister on March 23, 2000 at 23:13:58:

Great post. However, since I am on social security and unemployed, is it possible to do this?