No money down deal help - Posted by David

Posted by Natalie-VA on April 24, 2005 at 09:11:57:


You need to ask the lender what credits they will allow from the seller to the buyer. You might be able to raise the sales price by the amount of the closing costs and repair estmate and then be credited back for these items. The lender might require that the repair money be held in escrow and disbursed as you use it. Every lender has different requirements, so ask them.

With that said, this looks like a pretty bad deal. You are going to end up upsidedown in it. You should either walk away or offer a much lower amount than the list price.

No money down deal help - Posted by David

Posted by David on April 22, 2005 at 05:59:19:

I am looking to buy a duplex which is listed for $74,000. Should apprise for $85,000. Needs approx 8,000 in repairs to get rentable. Rents for $400 each side.

I can get 100% financing, but need to come up with $2,500 closing costs plus repairs. I would like some advice on how to strucure deal so I can buy it no money down and get money back to do the repairs.

Any suggetions would be greatly appreciated