Our landlord stated they wish to end our month to month lease to sell the house we've been renting for almost 10 years. We're working with a lender, but since my income is self-employment from our business, they can't include it until December. My husband has been with the same employer 17 years and will continue to work there for the foreseeable future. The current owner just wants to sell and be done. We need at least a 5/3 in the same area we live now (Tracy/Lathrop/Manteca).
We are looking to lease option a new home. But we also want to help the current owner get the best offer in the shortest amount of time.
Central Valley area...4 bed 3 bath 2500 sqft home that will need moderate rehab.
(Owner's handyman cracked the granite counter top in the kitchen, carpets have not been replaced in over 15 years, and a few other items. I have a detailed list that was given to the owner).
Our lender said with the business income we will qualify for a new mortgage, it's just the time required (24 months rolling income). Together we make $150K+ without overtime/bonuses.
We can't meet the owner's timeline or cash needs now, and really don't want to force it to an eviction if we need the extra time to locate a new home by September (end of 60 day notice...we've been calling & looking for 30 days so far without luck).
Are there ANY investors that might be willing to work with us short term to get this done and make it a win-win-win for all?
@Sandra K Lance ...What kind of down payment, credit, and reserves do you have? If you're solid on all fronts (meaning above 640 (highly recommend above 700), 20% down and more than say 12 months reserves post closing (down payment, closing costs/fees), then I'd say go Stated Income Owner. Not many offer it, but it closes decently quick, rates are not gouging (high 4s to 6), and you can do I/O if you're above 660 credit, to keep the payment low until you can refi. Might be a solution. PM me. Would the property pass a conventional appraisal?