How Would You Structure The Deal?
I have a new situation now. I have a buyer client who is interested in buying a house from a builder. He has had a chap ter 13 on his credit history 2 1/2 years ago. Credit score middle one is 588, upper one is 622. He wants to buy this house for 498K with 25K down and ready to pay 4200 PITI as he earns around 200k verifiable W-2 income per year.
How do I go about structuring this particular deal?
If the builder is not one of the "big boys", see if the builder will convert his construction loan to a perm loan and allow you to take the property Sub to, then turn around and Lease Option to your buyer.
If structured properly, you will get cash up front, a monthly spread on the payment, cash from the actual sale, mortgage buydown everytime a payment is made and the tax depreciation.