need buy a 5-6bd H in Spok, Spok V. I hav 0 cred,0 debt.I hav 30% cash D on a $150k home.lik 2 do owner contract,then conv loan n 12-18.can u help????

need to find home owners willing to carry a contract and 5-6 bd home that are under 150k. i have a large down payment. but zero credit. want to do a contract with the home owner for 12-18 months then get a conventional loan. I need someone to help me find a homeowner will pay for this help and services...
(0) | asked by: Ronnie Uzeta | share | 29 months ago | Report

Answers

Viewing Answers 1 - 3 of 3
answer by David Atherton   |   Visit My Website   |   Contact Me
Hi. Owner financed homes fall into several categories. First is the circumstance where the owner does not want the maintenance etc hassels of the home, would like to get a good interest stream so they owner finance. Second is the house that is in lousy condition or a two or three times moved mfg home or some other factor that makes it impossible to finance. This means when it is time for you to finance out, regardless of your capability, the system will not finance the HOUSE. In this circumstance, can you fix the discrepancies so the house will be financeable? Finally, there are owners who have a home that is now worth much less than they paid for it and they can not sell it. These homes are more often than not still financed and for the owner to sell it, he has to pay off the loan. The way around it is a lease/purchase which keeps this legal. In this circumstance, there will normally be a large, non-refundable downpayment and a short term payoff requirement. Regarding issues concerning yourself. These deals often require the buyer to undergo a criminal/credit check. If you anticipate any problems in these areas, it is best to go in with a relation of any pertinent facts right up front so you and the seller do not waste a lot of time dancing if you have a poison pill that will probably kill the deal. Does not mean either of these issues are killers. I have done deals w/ both areas being issues but laying them out on the table upfront seems to defuse the potency of the problems. This is especially true when there are serious mitigating factors. RE the 0 credit. Does that mean you have lousy credit or no credit? They are different. If you have no credit, there may be ways to work around that by establishing alternative credit. If you have a good down, a good income stream (job, annuities or something that creates stable, regular income) it might be possible to work around the zero credit and get financing right up front which opens up a significantly more housing opportunities. Finally, w/ 30 percent down, you are in good shape to take a run at this. This is a time when there are a lot of this sort of opportunity out there. Feel free to contact me if you want help in pursuing this (I live in the N Spokane area). It is not a fast process because you have a fairly specific list of requirements but it should be possible to do.
0
0
Answer Helpful?
29 months ago  |   Report   |   share
answer by Peter Hagen   |   Visit My Website   |   Contact Me
My name is Peter Hagen and I am a Realtor in Spokane Valley. I might have a couple of listings on the MLS that fit what you are looking for. Call me or email me.
0
0
Answer Helpful?
29 months ago  |   Report   |   share
answer by Cindy Smith   |   Visit My Website   |   Contact Me
I would look for a realtor in your area. They can help you find a home that would meet your needs. From there, you can ask for owner fiancing. It is good that you have a good downpayment, they may take that in option fees.
0
0
Answer Helpful?
29 months ago  |   Report   |   share
Please read Homes.com's Questions & Answers Community Guidelines.