I am interested in making an offer (No Money Down) on a MLS listing. I want to make the offer contingent on equity with the seller assisting with closing. Is this possible?
Is this too....
Never hear of?
How would you structure the deal? You are either dealing with cash or conventional financing, correct? Are you proposing owner finance?
What do you mean "contingent on equity"?
What do you mean by "seller assisting with closing"? If you mean you want the seller to pay your closing costs, that's possible, sometimes, in some areas. Is it in yours? Your agent should be able to tell you. I doubt you would get it around here at this time, but if you're in a buyer's market you might.
Do you already have a lender lined up that will give you 0% down financing? That's pretty much unheard of these days.
Do you want the seller to provide 100% financing? Your agent should discuss this with the seller's agent. But, unlikely. Might be possible if the seller doesn't need the cash right away, the property is a dog and the seller wants to be rid of it ASAP.
Do you have a lender who will give you a loan and you want the sellers to provide the remaining financing? Also unlikely. A second mortgage from the seller is possible, if the seller will do it. But your first mortgage lender is unlikely to allow that combined LTV to be 100%. They want to see some of your own money into the deal.
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