OfflineWatching Gred Murphy talking about the Lease Option Contract and how he locks it up with a tenant buyer that has 8,000.00 (one of his examples) down but with bad credit and sends to his mortgage broker to clean up their credit so they can purchase in 5 yrs down the road.
My past experience as a loan officer was; peole with bad credit didn't get approved for loans very often and probably never for 8,000.00 'unless' it was secured with a Car with equal blue book value. Also people with bad credit didn't have 8,000.00 laying around to put down on a house either. What is the rest of the story? Do mortgage brokers get them approved for the loan?
--kathy
"Cut not the wings of your dreams,
for they are the heartbeat and the freedom of your soul." ~ Flavia
Kathy Wholesales TX
KM WholeSale Properties LLC
469-587-9967
1888-591-1096
They are out there. A lot of people that lost there house have money and they are out there. They have money but do need credit repair. You WILL go through a few to find the buyer that will work. It can be done. Send them to your broker, let him tell you how long before they can qualify to buy the property and what credit repair or how much do they need to save for the down. etc.etc.
The HARD part of this strategy is finding the property/owner that will work for a lease option. Finding a tenant buyer is way easier than finding the property.
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
I think you misunderstood, the 8000 is cash the tenant buyer has on hand. The credit repair program helps them get their credit scores up there so they can qualify down the road. As Michael said, if you are losing your home and haven't made a payment in a year or more you are going to have some cash on hand.
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
Seems like this would be great for military families who want out of mortgage that are being transfered and want to sell but don't have the time to wait for retail sale.
I Have one I'm working with who saw my add on craigslist, she is willing to consider the lease option. She owes what it's worth on Zillow.com so would this be a good candidate? I am waiting for my realtor to pull me comps to get a real value on comps in this new development in the area.
thanks for the advice and knowledge
"Cut not the wings of your dreams,
for they are the heartbeat and the freedom of your soul." ~ Flavia
Kathy Wholesales TX
KM WholeSale Properties LLC
469-587-9967
1888-591-1096
Find out what type of mortgage they have (fixed, arm, etc.), what their monthly payments are, etc. Zillow is good for giving you an idea of what the value could be, but it's not accurate until you find actual comps. Even if the house is a little over/under, you'll still be ok.
I Have one I'm working with who saw my add on craigslist, she is willing to consider the lease option. She owes what it's worth on Zillow.com so would this be a good candidate? I am waiting for my realtor to pull me comps to get a real value on comps in this new development in the area.
thanks for the advice and knowledge