OfflineDoes anyone have any good advice on how I could go about suggesting to a buyer that's awaiting to be pre-approved for a home loan on how they could look at alternative methods of getting the cash they need to buy the home with? I'm thinking maybe like bypassing the banks if necessary and other lending agencies and borrowing from their 401K or some other alternate source without having to wait for any approvals?
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Bryant Slade
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Thanks!
There are ways to go around traditional financing, such as lines of credit against an existing home they own, certain equitable assets like stocks/bonds... I'm not sure if there are rules against drawing against 401k or IRAs, but a lender can clarify.
I would have them call a lender, or call lenders yourself to see what options are available and see what matches up with them.
Hello,
Contact cash buyers and see if they would be willing to carry the note!
I am really getting the true force of a buyers list.
You are doing great,Maximilionalpha
Invest in yourself!
I've been trying to find "cash buyers" for a while now. These potential buyers had initially told me that they WERE cash buyers. Come to find out they needed to get approved for a home loan. Alot of the people that are contacting me in regards to being cash buyers just really aren't. If you mean contact HML's then that's a route I may pursue.
Bryant Slade
I would have them call a lender, or call lenders yourself to see what options are available and see what matches up with them.
Well I've already suggested to them that they might want to look into their 401k plan if the approval doesn't happen, so I may just suggest those other alternatives to them as well. I know that they dont have a home to get credit against, but the other possibilities are worth a shot. Thank you DGadmin for your knowledgable suggestions.
Bryant
Bryant Slade