Posted by Tonya Brown on June 23, 1999 at 13:37:47:
Brian,
I am from Chicago Illinois and i Live in Cleveland Ohio.
First i was scanning the paper for deals and I saw this four suitor needs cosmetic workd for 29,000fsbo. I called the number and asked to see the property. That day i went and looked . at the outside.
The next day I looked in th einside and made an offer of 30,000 if he would pay closing costs. Since i knew that this area was being rebuilt I knew my equity and the value of the property would go up. HeThought about it for 24 hrs and then signed my contract. We are due to close on the 24 th of next month . Do get around putting up money I simply told him i don’t buy real estat4e that way rght now I try to keep my out lay as small as possible. He accepted that and took my offer noe here come the hard part finding a lender to loan me 40,000 ten thousand to do the cosmetic work on the house. i read this artlcle at this website about a man who got his loans at 50% of the appraised value regardless of his credit or income. i am having trouble finding them. If you know any please send them my way. Where are you from and are you a newbie?
Posted by Tonya Brown on June 23, 1999 at 09:26:21:
I would like to thank some of you for responding to my post last time now. I Got my offer excepted(with contingencies of course in case i need to get out) Seller agreed to ply closing costs and other fees at closing the offer was for$30,000 cash at close. Rents go for 450-500 in this area market rate. The house needs painting resideing new windows and a good cleaning everything else is in near excellent condition. My questions is Where do I find mortgage brokers who go by the apprasied value rather than my credit or income all suggestions and advice is welcome.
Tonya
Ps I did not put any money down is this a no money down deal?
You’re about as far from a no money down deal as you can get. What you have is a “sign the paper and hope” deal. You made a standard all cash at closing deal, which, as I said, is as far from NMD as you can get. Now, the “hope” part comes in. You hope you can find $30k in time to close. It’s nearly impossible to find commercial lenders who will loan solely on the value of the property, so look for a private party who will loan, or participate in profits, without considering your credit. If the resale value is really $75k with only $10k spent on it, you should be able to find that person.