Investor · Walnut Creek, CA · Member since 2013 · 219 posts · 66 votes
Hello BP Nation,
Looking for a referral for an investor that is doing lease options or subject to's in the San Francisco Bay Area.
A local agent recently reached out to me looking for a home for her client, a family with 20K for a down payment but bad credit due to a severe medical condition their young daughter has. Any suggestions would be great!
Solano, Contra Costa, Alameda, Oakland, Fairfield, Vacaville.
L/O is probably not the contract to use, a Sub-2 could be.
Bad or poor credit caused by medical issues is something often overlooked by lenders if they can show the retirement of debt. Many variables but getting into any transaction with a homeowner needs to be doable, it needs to be underwritten to meet the obligation. Time required to cure the credit issues.
A buyer with cash and bad credit usually gets Realtors foaming at the bit, investors too, gotta figure out how to get that money!
Really depends on how bad that credit is. It might be possible to find a RMLO who doesn't care about doing predatory lending deals, doesn't understand their liability and believes they can put someone in a deal with wild assumptions but the seller can be as responsible as the RMLO and don't forget the Realtor. My thinking is that such folks will eventually see an attorney for other reasons, credit issues, bankruptcy or related issues. That means the deal may well be brought to the surface. Just saying, proceed with caution! :)