Posted by Michael on January 02, 2003 at 09:39:32:
Look in the archives under Lease Option or Subject to Financing. These are not good methods for someone with little or no experience in Real Estate but with the proper knowledge they can be profitable.
Help have assumable deal mortgages less than 50% - Posted by Tron Woods
Posted by Tron Woods on January 01, 2003 at 11:17:30:
Can anyone help me I have a deal where the mortgage is assumable and the buyer will work with me to get the deal done. The house is worth 55,000 and the mortgage left on the house is 23,000 and the buyer is asking for 45,000 and all I have to do is give the buyer their part and assume the mortgage can anyone help me with this area. My credit is shot right now I thought about those credit repair companies, But how do I take advantage of the deal I have now without losing it. I can sell the deal to someone for a quick 5,000 dollars on the house. Call me e-mail or whatever my number is 318-512-9330. I live in Monroe louisiana
I’m seeing it a little differently folks… - Posted by IB (NJ)
Posted by IB (NJ) on January 01, 2003 at 12:59:13:
Tron said that the house is worth $55k NOW. So what is it worth if it’s fixed up? Maybe with $10k worth of cheap labor (and we all know how to get cheap labor, don’t we?) the house will be worth $70-75k. The seller’s asking $45k. Maybe the two parties can settle on $40k.
There’s really not enough info here. Is the house worth $55k after fix up or is it worth $55k NOW? And if that’s the current value, is there room for renovations, thus pushing the value of the property up?
If the numbers work, maybe you can bring in a partner/friend/family member with good credit to assume the mortgage.
Re: assumable deal mortgages less than 50% - Posted by Brandon
Posted by Brandon on January 01, 2003 at 12:26:18:
If you have bad credit a bank will not let you make a formal assumption. They will call the loan because it’s a no-risk LTV.
To make this work you must get the seller off of a cash-to-mortgage deal. Offer some cash now and try to defer paying the remainder of his equity into the future. This guy is doing you no favors with his offer. You can’t force a deal to be good, you can only negotiate.
Re: Help have assumable… - Posted by Dan O’Connor
Posted by Dan O’Connor on January 01, 2003 at 12:10:18:
Tron,
Why are they selling? Do they NEED all of the cash now or are they willing to accept payments against their equity until it’s paid? Are the payments current? I’d suggest that you find out their motivation and needs, THEN try to structure a deal if it makes sense. Possible Sub2 or L/O but definitely not worth being on the hook by assuming the loan.
Good Luck,
Dan O’Connor
mortgages less than 50% - Posted by michaela-ATL
Posted by michaela-ATL on January 01, 2003 at 11:33:06:
tron,
i’m sorry to tell you, but that’s not a deal, that another investor is likely to buy from you. this is almost a ‘full price deal’ - with that i mean, if someone had a house on the market for 55k with an agent. so joe buyer comes along and offers 50k with seller paying 3% closing. do you think the seller would accept that? probably. commission (7%) and closing(3%) would deduct 10% fromt he price and the seller walks with 45k. so, here he has the same thing.
where would you try to make some profit? 10k is nothing. And why would another investor buy it from you for 50k, when it’s only worth 55k? where would they make profit?
it’s a different story, if you wanted to buy it to live in it, then maybe this would work, but othersie i’d say: be happy, that you’re having problems making this one work
just my thoughts
michaela
credit repair company - Posted by Michael
Posted by Michael on January 01, 2003 at 11:49:42:
Don’t do it this will screw your credit even worse. No one will give you a loan if you are enrolled in one of these programs, and in fact they look at it almost as badly as a bankruptcy (If you are trying to get a home loan). Just call your creditor’s yourself and negotiate something you can work with (monthly payment or intrest rate). If you have bad credit there are numerous ways to buy Real Estate without even having someone look at your credit.
Keep up the hard work and you will succeed!
Re: credit repair company - Posted by tron woods
Posted by tron woods on January 01, 2003 at 13:15:59:
Well what way do I go about doing that. The guy that was trying to help me said that he will get me financed because He is the senior officer of a mortgage company where I live at. He says he also work for a credit repair company and he can do the credit repair. Should I listen to him or not.
Re: credit repair company - Posted by phil fernandez
Posted by phil fernandez on January 01, 2003 at 18:03:09:
The only credit repair that I am aware of is for you to start paying your bills. Why not contact the people you owe money to and arrange a mutually agreeable arrangement so you can pay off your debts. Isn’t that your obligation to begin with.
There’s nothing like paying off your creditors. It will show the credit check companies who you really are. A guy that pays his debts. Once you have good credit, the rest is easy.
Re: credit repair company - Posted by Michael
Posted by Michael on January 01, 2003 at 15:18:23:
Here are some sites that may help you on your quest for better credit:
www.planetloan.com
Also if you want help with improving your credit I have heard good things about these people (link below) but I have never personally used them. Good luck and if there is anything else I can do please let me know.
www.lexingtonlaw.com
** There are many ways to buy RE without ever getting your credit checked and I would use some of these creative methods while spending time repairing your credit.
Re: credit repair company - Posted by Todd B (Va)
Posted by Todd B (Va) on January 02, 2003 at 11:38:27:
I used Lexington Law, and they removed all blemishes from my credit within 2 months. Raised my score by 100 points. Supposedly it takes closer to 6 months to fix it all for most people.
Todd B (Va)
Re: credit repair company - Posted by Tron Woods
Posted by Tron Woods on January 01, 2003 at 21:30:53:
What ways are there getting property without ever checking credit could anyone tell me.
Re: credit repair company - Posted by evelyn
Posted by evelyn on January 05, 2003 at 20:38:57:
these “blemishes”, were they errors on your credit report or “blemishes” you actually created yourself?
makes a difference.