Posted by Ben on February 04, 2000 at 06:20:01:
Sell it to him for 110 and take back a second. If property is appraised for 100, it may appraise for 110 with another appraiser.
Opinions please - Posted by Mario
Posted by Mario on February 03, 2000 at 23:29:11:
Have a self employed buyer with good credit but doesn’t have 10% down for bank. Property appraised at 100k and buyer has 6k. My situation is i’m moving and want to get rid of the property. What if i sell to him owner finance 6k down giving him the deed and then he refinances. Sale would be contingent on him refinancing,(not in the contract just our agreement to do it this way) possibly a 3 month ballon. How long would it take the lender to find out through change of insurance about this in case there is a snag? I would definitley know if he qualifies before the contract is signed.
Re: Opinions please - Posted by Terry (IN)
Posted by Terry (IN) on February 04, 2000 at 23:42:43:
We can probably get your buyer into your home for a 5% down if you would be willing to carry a small second.
If you’re interested, email me.
Terry (IN)
Re: Opinions please - Posted by Jim IL
Posted by Jim IL on February 04, 2000 at 13:26:43:
Mario,
My mortgage broker claims he can refi a land Contract in as little as three months if the credit is not too bad for the buyer.
Otherwise, he can do it in 6 months with cancelled checks as proof of ontime payments.
Either call your local mortgage brokers and ask them if they can do this, or e-mail me and I’ll give you my brokers number.
I’m not sure if he can work in your state, since I have no clue where you are, but it never hurts to try.
Good luck,
Jim IL
Re: Unseasoned - Posted by doug, ky
Posted by doug, ky on February 04, 2000 at 07:40:00:
Refin in three months would be considerd unseasoned. Conventionally, lenders would require your buyer make payments for at least one year (along with a down payement). There are note buyers who can buy the note you create at closing for a discount. So, do you want your money now or do you want it later? If you elect to wait, do it in the contract (note) with a balloon. If want your money now, contact a note buyer and have them help you create the note for your buyer that will generate the most money. If you do it right, look at discounting the note 7 to 10 percent.