Cash Buyers
Hello BP.
I'm looking for some advice and possibly an investor.
As you can see in my profile I'm a lender. I've got a client who reached out to me through one of my Facebook ads. He's looking to buy a different home and sell, or rent, his existing. The problem is he doesn't qualify for financing because his mid FICO score is 504.
He and his wife are looking to downsize. They bought the home in 2009 for $150,000 and they owe about $125,000. The home is located in South St Paul, Minnesota.
My question; is there an investor willing to pay cash for his current property so he can get the equity from it and also finance a new purchase for him? Or possibly find a renter for his current place and do a 2 year balloon on a new property? He'd then refinance with me once he gets his credit repaired. From what he's telling me he makes good money (not self employed) but he and his wife went through a rough period where she lost her job. She's now fully employed again.
He seems very motivated to get out of his current situation.
I'm not sure this is the right forum to post this so if not let me know.
Best,
Corey