Centreville, VA · Member since 2013 · 3 posts · 0 votes
Hello,
I am looking for innovative ways to combine seller financing techniques and Bank financing, so that I can buy without out of pocket down payment. Could you guys share how this could be done and how should we approach seller and Bank to make this deal.
I did that on a condo about 10 yrs ago. The seller carried a note for the DP. Deposited in my account for seasoning and financed the property through the bank. The carrot? Offer above asking (waiting for the appraisal police)...
Did that note from the seller appear on the settlement statement? If not, this is mortgage fraud. Ten years ago this might have worked. Won't today.
Commercial Landlord · Macon, GA · Member since 2013 · 79 posts · 33 votes
12y
@Account Closed is right. Its almost impossible to find a traditional lender that will allow a seller to carry-back the entire down payment. Start networking to find financial partners that can bring cash to your deal for you or borrow it.
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
12y
If you ever think you find a way, look up "mortgage fraud" you'd have to lie about it to get any institutional lender to do that and most likely any other lender. The only way I know of is with gift money from relatives to give you the skin, the other way is to serve in the military and get a VA loan. :)
Investor · Sacramento, CA · Member since 2011 · 87 posts · 56 votes
12y
I did that on a condo about 10 yrs ago. The seller carried a note for the DP. Deposited in my account for seasoning and financed the property through the bank. The carrot? Offer above asking (waiting for the appraisal police)...
I did that on a condo about 10 yrs ago. The seller carried a note for the DP. Deposited in my account for seasoning and financed the property through the bank. The carrot? Offer above asking (waiting for the appraisal police)...
Did that note from the seller appear on the settlement statement? If not, this is mortgage fraud. Ten years ago this might have worked. Won't today.
Investor · Sacramento, CA · Member since 2011 · 87 posts · 56 votes
12y
Disclose it. Perform sweat equity. There are other ways. Half the people here don't have cash, a IRA or a rich relative. The other half don't need any help.