Purchasing Personal Home To Reside In Question?
I have a question about purchasing a home for me to reside in. Obviously, after finding out how many ways there are to purchase properties below market value, I would like to apply those same principles to purchasing my residental home. This is what I would like to do, but would like input on how to do it, is it legal, etc:
1) Locate propety under market value and purchase with a hard loan.
2) Use the hard loan to also rehab the property, by purchasing at low enough price to do this.
3) Sell the house back to myself and finance with convential loan.
4) End result, I hope to pay well below market value for home and move in with equity.
Can this be done, do I need to involve another entity to make this deal work?? Thanks in advance
Have you done your research ? Do they have any equity in the home go to the courthouse or online
and look up what they paid for the house call and
apprasier and get comps within a three mile radius
there is more than likely a good reason for as you call it 150 days onthe market use your resources.
Talk to them. What do they want? A quick close? To stay in the house while another is being built? if you want to get the best deal, find how you can best meet THEIR needs.
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