Re: Forget about being - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on February 24, 2001 at 11:20:45:
prequalified, since you do not quality for new financing (at least as your Realtor knows it). If you want to continue looking for a good deal by using a Realtor tell them you need the CASH price. Cash is king (always) and should not need to be qualified. If they still want to pre-qualify you just move on, you are attempting to deal with someone who is not knowledgable.
There is a difference between pre-qualified, and pre-approved. Learn the difference, just because it is interesting; and most Realtors have difficulty explaining that to you.
Since you are what I like to call “credit impaired” or “credit challenged”, you will need to find other ways to buy (or to control) the property that will make you money. There is a lot of info on the boards about: leasing, options, assignment of contracts, purchasing “subject to” existing financing; and on and on. Read all you can. After you have made a bunch of cash, then you will not need to be concerned about financing so much, cash is always king.
Incidentally if your credit was perfect, and you bought and owned about four properties on new loans you would find yourself again “credit impaired”, as almost all lenders would fear that you were about to go belly up because of all of your mortgage payments.