Never say never - Posted by Carmen_FL
Posted by Carmen_FL on October 16, 2003 at 16:54:45:
All of this is definitely doable. The question is, is it worth what you’re going to get for your time?
Yes, many banks do let you put the payments on the back end. And yes, I have done it with only one payment up front (the first “new” monthly payment). So it can be done.
And there are A LOT of people out there who cannot get a loan for at least 85% of the value of a home they want to live in. May I suggest a few? Self-employed people with bad credit; people who just moved to a new line of work; people who work in a “cash” business; people where the income would be good enough if both people had good credit, but the chief breadwinner has really poor credit; people who can qualify for a $200K house on their income and credit, but who want to live in a $300K house; people whose family members would help them buy a house but the loan programs don’t allow for a $45K “gift” that can’t be traced directly to them; people who are new to to this country; people who don’t have any credit or have very little and don’t want to go with FHA; people who hate banks and don’t want them all in their business. The list goes on and on. Run just one ad saying “Owner will finance” and you’ll find a few. Ask them all how much they have to put down. You’d be surprised how much cash people sit on who really are not sure HOW to buy a house, because at some point in the past someone told them they couldn’t; or have never tried because they “know” they couldn’t; or have done it conventionally in the past and had a bad experience.
As far as the IRS lien, I am trying to work one out right now on a house we’re trying to sell. We put the property in Trust, and are now negotiating this tax lien. They can be negotiated down as pointed out above (with an Offer in Compromise), this may be a good idea anyway, if you have time, since it will wipe the debt out - but it can take about 6-8 months. There are law firms that specialize in negotiating down IRS liens to pennies on the dollar. It can also be released from the property (which is what we’re trying to do) if you can show that the property is being sold and the sellers not receiving any profit (e.g. if there is a short sale in place). Have patience, is all I have to say. The IRS has made us jump through enormous amounts of hoops for the past 4 months, AND they are very unhappy with the whole trust idea (they just don’t understand … it seems so simple when we explain that the owners have a right to put their property in trust; but they are considering it a “sale” to the Trustee, which makes no common sense … so IRS agents don’t seem to be the brightest bulbs in the lightstring)