Posted by Benny on June 17, 2000 at 14:13:00:
Either a L/O, owner financing, or a co-signer are likely your only options. If you have home equity, an extra car, boat, etc., you could be liquidate/leverage if you want the property badly enough. Analyze your credit situation. WHY is it bad? Are your job or personal circumstances better now than before? Have you seriously approached financial institutions with your situation? Do you have good character references? If so, maybe a bank or the seller won’t think your credit is as bad as you do. If seller financing is your only option, youl also have to convince the seller that you will take care of the place so he has no repair expenses if you default.
Offer $65,000 with zero down seller financing at 12% to possibly as high as 14% (the price you’ll pay to repair your credit), owner covering the closing costs, and you accepting the property as is. He’s got some good cushion if you default assuming you’re in a liquid market and you improve the property. You could offer the same on #2 if say $2000 OVER her asking price is still within market value. Hang in there, keep talking to people. You’ll get it if you want it badly enough. BG