What Would An Investor Think And Do..... IF
Hi,
What would an investor think if a person called them and wanted to do a Lease Purchase on a house they found. Here is what I mean: A person finds a house that has been forclosed on, and won at auction by Bank (Plantiff)
The house has been sitting empty for over a year.
The person would like to live in the house, but because of bad credit and bankruptcy, does not have the full amount to give to the Bank. The person can make monthly payments, with a good down to the investor, and would pay off in 5 years. The house is worth about $75.000. Would the Investor.... Laugh, or maybe work with the person.
Or is there a website where Investors look for people like this? Or is this just silly?
Thank you.
Hi Edmeyer,
Thanks for the reply.
After searching on house, Fannie Mae had just turned it over to a Real Estate Office. I called the Agent it was assigned to, and she said they are doing an evaluation on the property.
So once a Real Estate Office gets a house, it a Lease Purchase out of the question?
Because Fannie Mae is involved is this bad? Would it be better if the house was owned by a homeowner?
Thanks Again
The transaction I described used an investor (me) to purchase the property and then lease option it to a prospective buyer. This would certainly work with an REO if the investor bought from the bank and then did a lease option to a prospective buyer. The bank is out of the picture.
I doubt that a bank would do a lease option on an REO. However, you can always ask. Perhaps you might clarify what you want to do and what is the role of the investor in your scenario?
You are not going to be able to do a lease purchase on a house owned by a bank.
Brenda