Michigan Residential Private Money - Posted by Tony

Posted by John on July 17, 2004 at 04:46:20:

Tony,

You are high risk and the amount you want is large.

If you do not get any leads on private money for this deal consider the
following…

  1. See if the seller will do a lease/option for a year or two. Speak with a
    mortgage broker as to how long you need to repair your credit so that
    the lease/option runs long enough.

  2. If the seller does not want to be a landlord (with a lease/option) then
    see if they will sell on contract (land sale, land contract sale, contract
    for deed). This way they have sold the place so do not need to worry
    about repairs, property taxes, etc. They will still be on the title and the
    mortgage will still exist in their name. You will be making the
    payments. After X years you would refinance to pay them off and have
    the title switched into your name.

John

Michigan Residential Private Money - Posted by Tony

Posted by Tony on July 16, 2004 at 09:54:48:

I’m looking for private money to purchase a single family home to be owner-occupied by me. I have a f/c from last fall because of a previous loss of a job. I’ve now been working for over 1 year and have a base annual salary of roughly $100,000. Also, I have perfect rent history for past year and have a signed verification of rent as proof.

Also, I’m looking at a house that has available equity in it and the seller is willing to provide a 6% seller concession. Can this be used as the “downpayment”? House can be purchased for about $315,000, but is worth $350,000.

I know this is a stretch, but looking for any help.

Re: Michigan Residential Private Money - Posted by michael schindler

Posted by michael schindler on July 19, 2004 at 23:53:53:

Purchase price would be your loan starting point. F/C OK, 6% seller consession is just that, toward closing costs-otherwise it would just drop purchase price. What is your available down payment as a % of the $315k?
You should also makesure your credit is as good as it can be-work with someone who can help review your credit and tell you what would need to be done to improve it. If they don’t utilize a company that does this, then keep looking for someone that does. Also, how do you know the house is worth $350k? If it is, then why don’t they sell it for that to someone-what’s the story behind it? Are you in the same line of work?