“It was NOT set up as a lease/purchase so no money went towards the purchase”
So, were you renting? Sounds like you need a Partner. My advise is get on the phone and call up all family members and friends or just continue renting or find another place to rent. Good luck.
DJ-nyc
Time is running out! I have a home that I have lived in for four years. I have never missed a payment. I have detailed payments as proof. Now is the time for me to buy the property. It was NOT set up as a lease/purchase so no money went towards the purchase. However, the sellers are willing to adjust the purchase price for closing. The house has $85k worth of equity in it. I have money set up to buy it at my contract price of $205 (this is absolutely guaranteed). But this person is just doing it for a double close and not loaning money. I have it under contract, but I need another party to come in and be the end buyer and then walk away with 1/2 the equity and leave me with the house and debt. My original intentions were to have a partner buy it at about $265k and we split the equity. Well, that all sounds good, but I can not find a partner or anyone willing to step in. I even have the lender set up for the end buyer at about a 650 score. I can’t finance it myself (don’t ask) I am absolutely positively sure I can not do it. I can not lose this deal because this is my home so if I don’t get a partner can anybody tell me what else I can do to make this deal fly. By the way I have got to get this done by March 20th at the latest. Thanks
How is someone going to “walk away with half the equity”? If this buyer buys the house for $205, where does their $42.5K come from? Isn’t a buyer going to have to make a down payment? And you want them to buy the house, and immediately sell it to you “subject to” and walk away with a loan on their record and count on you to pay it? I must be missing something.