Posted by fred arndt on March 18, 2001 at 10:49:26:
yes i have that exact same thing with a credit union in peoria illinois the woman is losing her house to foreclosure and wants me to purchase it for her and then sell it back to her daughter who has good credit i am in the mortgage business and if you need help with this deal call me at 630-226-1631 and i will help u with what u want to do in this deal
Seller is living in home after foreclosure and bank has given him until Tuesday to buy house or, he says, to find a buyer. He can buy it for $93,804.00. It was appraised for $141K two years ago. He wants me to buy the house and sell it back to him. He has $20K cash for the down payment.
Will talk to the bank on Monday. He gave me a loan number and a FHA loan number. Can I buy this from the bank as an investor brought in by the owner? Can I tell the bank I’ll buy it but they need to get him out first? Should I buy it from the bank and sell it to him on a land contract with his $20K as down payment or on a seller created note? Probably either would be impossible to sell to get cash out because of his credit history.
Has anyone run into this scenario before and how would you finance it for a resonably secure profit? Help, Please.
The way many investors end up doing a deal with potential buyers with credit issues is selling with a land/contract. You have in the contract that the buyers provide their own financing in one year. During that time have them enrolled into a credit repair program, one year is plenty of time to complete the repair of their credit. You can contact me if you need more information about the credit repair.