Updated almost 7 years ago on . Most recent reply
Found a great deal but lack financing
Hello, I think I found a great deal near me and need help. I located the owner of the house and he was willing to sell.There is no way I can qualify for any type of conventional financing because of my current employment status. I have access to $22,000 via HELOC, but they require the same as conventional for verified income. The house in question is a 3bd/1b on a 50x100 lot and is rented through April of next year. The seller is still financing the house, but says, we can do a "Real Estate Contract" if I can put down $25,000. I believe his loan balance is $125,000. We are yet to talk about total price, as he says, give him a number. I am guessing the final sale price will land somewhere in the $225-250K range based on similar appraisal, including my home in the same area code. Should I pass and get a day job or search for the $25k and go for gold? Anyway, let me know what you think and let me know if you have any questions. Thanks!