HT:
With the ability to document the last 12 months of rental payment history and a property that shows well and will support your $55K sales price (FMV), there is no reason why you cannot consider “rolling” this buyer into a seller financed deed of trust and note (structured properly) that can then be sold or converted into CASH proceeds to you.
Credit will be an issue, BUT the documentable evidence that the proposed buyer can make rental payment that hopefully would be in line with what a loan payment would be is favorable.
Several respondents in the newsgroup have spouted you as the guru to turn to in regards to financing deals. I have one which I would like to present to you and see if it would be of interest or if you could provide any insight on how to tackle it.
Here are some of the vital statistics:
Property Type: Condo
Location: Maryland (PG County)
Price: 55K
Comps: About the same
Current Status: L/O to tenant for last 14 months (all rents paid)
Option Money: 1000
Optionee’s Credit: Not top grade, but has cleared items
I need to get my current optionee financed and have been finding it troublesome as most lenders are either not familiar with L/O’s, don’t deal with them, or don’t view them as a refinance.
Any feedback you could provide would be greatly appreciated.