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.

Comments(2)

  • commercialking11th October, 2005

    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.

  • mnunez211th October, 2005

    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.

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