New At This Need Help Asap To Structure This Deal
I have a contract on a bank owned property with fannie mae,who is asking for 10% down .purchase price $307,000. The property was appraised about 7 months ago for $375,000.Now this is my problem i dont have the 10% down, becaused i just purchase another property . Since purchasing my last property my credit score dropped way below 500 due to credit my ex-husband took out in my name and never paid.what i need to know is ( 1)can i assign the contract to some else for a fee? (2) should i use someone
elses credit to purchase the property and have the deed in both of our names so i dont totally loose out.
1) Legally yes. Whether there is a buyer for such a deal I have no idea-- not enough info in your post.
2) Should you? Again, I have no idea since just the info that you are buying it at 20% under a 7 month old appraisal is not enough for me to tell if it is a go-forward deal. Can you? Legally, yes. The details of how you set up the deal are important or the answer to this question changes to Legally, no.
Thank you for replying, I do have a buyer with the10% down and good credit. I just dont know how to put it togather so it can be a win/win situation for both parties involve.