Creative Financing
I am looking at purchasing a house for myself with no money down. I have pretty bad credit (570) and so I can't go through the lender. There is a property I've located but the seller is wanting 6k down. Is there any creative financing where it's going to be a win-win situation or am I just dreaming?? The seller says he's willing to do a l/o but needs 6k down. Can anyone give any advice or tips how I can go about doing this?
DESTRIE...We need more info...is there a mortgage? What is the %rate? His motivation? etc...best regards, C.Walker
Fine, just execute a second mortgage to the nice seller and instead of $6,000 write it for enough to enable him to sell it and get $6,000. I like $8,000 thats a nice figure. You just record on and continue payment on the first. You grind until you have enough money or have created enough equity to refinance in your own name or if you are "Credit challenged" You just ride it until you blossom forth into a 720 rating. It can happen.
Cheers Lucius
Why does he want $6K? Is it just a pretty number, did he calculate it, does he consider that insurance in the event that you run it down and he has to foreclose on you, or does he need it for the new boat that he wants?
If you can find out what he NEEDS (which is very different from what he wants) and get it to him, you can deal with him.
You may be able to provide to him any of those things listed above in different ways.