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Old Today, 07:39 PM
 
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Not trying to be a downer, but I question if you can afford upkeep on a home if you couldn't possibly have 6k until Feb/ Mar, which leads me to believe your reserves are empty at that point.
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Old Today, 07:40 PM
 
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Originally Posted by mortgageboss View Post
See if the seller will put you on title. You can then call it a refinance and use current value instead of price. You might not need a down payment if current value is high enough.

Find a local lender who knows how to do it and get the home into your name before the seller defaults. It sounds like its just a matter of time.

Whenever I talk to a buyer about seller financing, I always recommend a long term escrow service. They will take your payment, make any underlying payment the seller owes and send the seller the difference. This prevents the seller from spending it before they pay the mortgage.

Good luck, I hope it turns out ok for you.
Always use a long term escrow service and donít do a contract for deed do a regular DOT or mortgage so the property is in your name. If you have to do a contract for deed, make sure it is recorded with the county. But, really, donít do a contract for deed - they usually blow up for one reason or another.
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Old Today, 07:42 PM
 
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Originally Posted by spencgr View Post
Not trying to be a downer, but I question if you can afford upkeep on a home if you couldn't possibly have 6k until Feb/ Mar, which leads me to believe your reserves are empty at that point.
Thatís likely why they did a contract for deed, no cash reserves and no conventional financing. This is why contracts for deeds usually blowup - the buyer is strapped for cash or has crappy credit (or both) and then something goes south and the contract falls apart. Honestly, with 600íish credit I question if they can get financing that they can afford.
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