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Is there a way?

By
Real Estate Broker/Owner with Liz Loadholt- AgentOwned Realty- Covering SC

You have a client who cannot get a loan for a year because of aThe AgentOwned Realty Company - bankruptcy photo recent bankruptcy, but he wants to purchase a home.

The client has $5,000 to cover closing costs and down payment.  The price of the home he wants to purchase is $125,000.

The seller is not in a position to do owner financing, because he has a mortgage of $105,000 on the property.

Do you see anyway that this client can purchase this home now instead of waiting a year?

 

 

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Liz Loadholt
Broker, SC Certified Trainer, Relocation Director
Co-founder of AgentOwned Realty
Liz@AgentOwned.com
843-725-5007

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Show All Comments
Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Liz, I am waiting for the answer here....

Dec 01, 2009 08:01 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Liz:  I think Andrea's on to something. You must have an asnwer, because this seems rather hopeless to me. 

Dec 01, 2009 08:22 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

waiting patiently for the answer to this one Liz.  Okay I lied, I'm really not patient, but Charles Burell has taught me that I HAVE to wait.

Dec 01, 2009 09:14 AM
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Lease purchase baby!!

Dec 01, 2009 10:21 AM
Irene Tron
Valparaiso, IN

Is there actually a viable option in this situation? Hum.....I wonder....

Dec 01, 2009 11:05 AM
Melissa Breeland
Residential Mortgage of SC - Charleston, SC

I can't think of a thing (Peer to Peer won't work because it's capped at $25,000 and hard money lenders wont touch it unless he has some pretty serious assets)...can he just rent until he can buy maybe? If I was the seller I would just move onto a qualified buyer.

Dec 01, 2009 11:27 AM
Carol Smith
Casmi Photography - Mebane, NC

I would use the $5,000 as option money and let it go on a lease/purchase contract.  Just my thoughts on the matter.

Dec 01, 2009 12:27 PM
Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

1.Lease purchase with a settlement date specified. 

2.Increase the rent slightly to incentivise the seller .  The overage would be credited to the purchaser at settlement or forfeited if it did not settle

Dec 01, 2009 08:53 PM
Lee & Pamela St. Peter
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC
Making Connections to Success in Real Estate

Ok Liz - I know you have something else coming.  I'm parked here to find out...

Dec 02, 2009 01:53 AM
Chip Jefferson
Gibbs Realty and Auction Company - Columbia, SC

There are still sub prime loans out there that they can qualify for with a recent BK. The rates wont be pretty and he will need more down payment. I agree lease/purchase.

Dec 02, 2009 10:00 PM
Liz Loadholt
Liz Loadholt- AgentOwned Realty- Covering SC - Mount Pleasant, SC
Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC

Andrea --- let's see what others come up with --to be continued.
                                                                   

Dec 03, 2009 03:04 AM
Liz Loadholt
Liz Loadholt- AgentOwned Realty- Covering SC - Mount Pleasant, SC
Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC

Chris Ann ---- like, Andrea,  let's see what others come up with --to be continued.
                                                                   

Dec 03, 2009 03:04 AM
Liz Loadholt
Liz Loadholt- AgentOwned Realty- Covering SC - Mount Pleasant, SC
Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC

Tammy ---- I thought you would have an answer for me.
                                                                   

Dec 03, 2009 03:05 AM
Liz Loadholt
Liz Loadholt- AgentOwned Realty- Covering SC - Mount Pleasant, SC
Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC

Anna ---- yes, a lease purchase is the route that we are taking.
                                                                   

Dec 03, 2009 03:05 AM
Liz Loadholt
Liz Loadholt- AgentOwned Realty- Covering SC - Mount Pleasant, SC
Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC

Irene ---- there are some not legal ways we could do this, but of course, we are doing going that route -- we are doing the lease option route.
                                                                   

Dec 03, 2009 03:06 AM
Liz Loadholt
Liz Loadholt- AgentOwned Realty- Covering SC - Mount Pleasant, SC
Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC

Melissa ---- actually, Carol Jo is the one who told them when they could buy --- we chose to do the lease purchase.
                                                                   

Dec 03, 2009 03:08 AM
Liz Loadholt
Liz Loadholt- AgentOwned Realty- Covering SC - Mount Pleasant, SC
Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC

Carol ---- we think the same way and this is what we did.
                                                                   

Dec 03, 2009 03:08 AM
Liz Loadholt
Liz Loadholt- AgentOwned Realty- Covering SC - Mount Pleasant, SC
Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC

Karen ---- great answer -- and this is what we did. Thanks.
                                                                   

Dec 03, 2009 03:09 AM
Liz Loadholt
Liz Loadholt- AgentOwned Realty- Covering SC - Mount Pleasant, SC
Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC

Pam & Lee ---- it's great to see you -- have missed you.  We did a lease purchase.
                                                                   

Dec 03, 2009 03:10 AM
Liz Loadholt
Liz Loadholt- AgentOwned Realty- Covering SC - Mount Pleasant, SC
Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC

Laura ---- yep, I couldn't come up with any other legal way to handle this, so we did a lease purchase.
                                                                   

Dec 03, 2009 03:11 AM
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