Buying our house we've been renting for years.
Very new to Real Estate purchasing.
We are in a situation the landlord wants to sell quickly, they are asking for 900K, the house is worth 1.3 and seems to be the going rate around here, the house definitely needs some work, they haven't listed it yet because they are giving us the first rights to buy. We have no down and we just got approved from a major lender on the contingency of gift money for the 200K down. My brother and his wife maybe interested so they might put up the 200K down which qualifies us for an approved lone for 800K, problem is we are short 100K. not sure what to do at this point. I'm a HVAC Technician in the commercial industry and have extensive experience with electrical and construction, I intend to fix up the house and refinance. Any ideas of what I can do.
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#4 All Forums Contributor
- Real Estate Broker
- Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
@Joe Byrge welcome to the site.
Perhaps the seller will give you a 2nd mortgage for the other 100k.