Sounds like the little old lady is the one in control here. If you can not get regular financing then you have to offer that she carry. Perhaps a two year ballon. Put it on paper if she says no you walk.
I saw a house a week ago- it was a FSBO. The owner is an elderly widow looking to sell and move into an assisted living facility. She has a friend handling this transaction for her, so he is the one to deal with.
Though I have suspicions that the property may be overpriced, online comps do show that some homes sell for their asking price in that area. They may yet come down on the price. The home isn’t in bad shape and sits on a very large lot, which I admit I like. I’d live there myself unless something better were available.
Here’s the problem for now, though. They want 5% down, which is doable for me, but she wants to cash out because she needs the money to pay for her new residence. They’ve been calling to see if I still want the place and I finally told them that I’d rather have a land contract, L/O or some deal that would allow me to flip or live in the property and improve my credit.
Is there a way for me to get her the cash w/o having to get conventional financing? I’m unlikely to qualify for conventional at this time due to the fact that I’m recently self-employed (doing well at it so far and prefer not to get another job) and have lousy credit. I told them my situation but was assured that they could get me financing somewhere and would help with some of the closing costs.
I’m not overly attached to this deal and could walk away, as I do have other sellers interested in doing land contracts or L/O deals with me, but part of me wants this house.
Can this deal be saved? Thanks in advance for your help.