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Looking to buy a cheap house, apparently FHA does not give out money to run-down houses...
I don't think I can do the FHA 203k, it's just an old house that hasn't been maintained in a rural town.
I just want to buy a cheap house and fix it up with my budget and time, on my own rules, not someone else's. Hell, I'm tempted to buy one and live as is.
I've used Seller Financing or Seller Carry-back several times...
You need to make it worthwhile for the Seller... The pool of possible buyers is greatly diminished for run-down homes...
I've always sold it to the Seller as a Win/Win... I will take that problem property off your hands and pay above market interest and structure the loan something like... 30 year fixed, due in 5 or 7 years...
You should have no trouble getting a loan once you've built up equity by getting the home up to par...
I'm not looking to buy to make a profit...that will be a backup sceneario...Plan B...etc.
The purpose of purchasing a fixer-upper because it's way cheaper to do so in this shaky downturn. I will live in it for quite some time. Ah, well...more research to be done.
I'm not looking to buy to make a profit...that will be a backup sceneario...Plan B...etc.
The purpose of purchasing a fixer-upper because it's way cheaper to do so in this shaky downturn. I will live in it for quite some time. Ah, well...more research to be done.
Understood... but, it is hard to find a Seller willing to carry a loan for 15 or 20 years.
Finding a Seller to carry for a couple of years while you fix the place is much easier... and once fixed... you should be able to refinance the remaining balance and pay off the Seller.
It's a great way to get into a place and deals like this happen everyday...
Good Luck, I'm sure you will find what you're looking for...
Yes, it is...most of them want to cut losses completely.
But, with that idea you provided, I might find a way to persuade the other side. Or go with a VA mortgage as it seems like they have very little red tape to cut through.
Location: central, between Pepe's Tacos and Roberto's
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Quote:
Originally Posted by filmsniffer
Yes, it is...most of them want to cut losses completely.
But, with that idea you provided, I might find a way to persuade the other side. Or go with a VA mortgage as it seems like they have very little red tape to cut through.
Thanks! I will.
VA actually has some pretty strict property requirements.
VA actually has some pretty strict property requirements.
Such as??
The rules I read on VA loans so far matched to my needs...maybe I'm not being given enough online.
Would you please clarify on this? Thank you.
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