Special offer

I Want to Buy a House with My Credit Card

By
Real Estate Broker/Owner with M & M Realty of Brevard Inc. BK629999

I want to buy a house with my credit cardYesterday, I received a call from a man that had been referred to me from a prior client.  He wanted to purchase a house, but his credit score was in the low 500's and he had no money down.  He said he was tired of paying rent and throwing his money away. He said he knew he could make a wad of cash.

We spoke extensively and I recommended he set a plan in motion to get his credit in order so he would be in a position to purchase a house in the next couple of years.

As the conversation progressed, it was apparent that he was not interested in waiting to buy a house. He wanted one now that he could "make a bundle on."

'Well, what about buying a house using a credit card?'  he asked. YIKES!

'Could I just put the down payment on a credit card?' YIKES AGAIN!

'My girlfriend's mother would let me put it on her credit card.' TRIPLE YIKES!

'What about knocking on doors and finding someone who I could just take over their payments?'

'The banks are dying to get rid of the houses they have, and I'm happy to take one of them off their hands.  You could just tell them that I'm good for it.'

'How about buying a house at auction? I don't know how to do it, but people are making loads of money doing that.  Where do I get the list?'

There are no shortcuts in buying real estate today. 

And, there are no get rich quick schemes.

A buyer should be educated to the buying process, BEFORE buying a property.

Talk to a full time REALTOR.

And, don't believe everything you hear.

Search Brevard County Real Estate

Melbourne FL Real Estate, Sandy Shores, Realtor

Sandy Shores Melbourne FL Realtor

Sandy Shores, Melbourne FL REALTOR®

Specializing in Residential, Investment and Relocation Real Estate

We have a team to facilitate your Short Sale.

Melbourne Real Estate / Palm Bay Real Estate

321-253-4545

SandyShoresMelbourne@hotmail.com

____________________________________________

Serving Brevard County Florida for 15 Years

 Brevard County Resident for 36 Years

Melbourne, Palm Bay, Suntree, Viera, Rockledge,

Cocoa, Canaveral Groves, Titusville, Mims, Melbourne Beach,

Indialantic, Indian Harbour Beach, Satellite Beach,

Cocoa Beach, Cape Canaveral

______________________________________________

I buy, sell, rent, own and manage Investment Property.

 

Comments (13)

John Souerbry
Cordon Real Estate - Fairfield, CA
Homes, Land & Investments

And they say that drug use has no long term consequences...

Aug 21, 2011 12:29 PM
Praful Thakkar
LAER Realty Partners - Burlington, MA
Metro Boston Homes For Sale

A myth most buyers live in now-a-days....real estate is up for grab and lenders are happy to find a buyer...(and you provided with just one example...hmmm...)

Aug 21, 2011 12:35 PM
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

I think that some buyers get misinformation from all of the things that hear out there today.  And I agree that some feel that real estate is just up for grabs today.

Aug 21, 2011 12:54 PM
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Sandy, that individual was lucky to talk to you to get a dose of absolute reality.  Sad to say there may be some individuals out there in this business that would prey upon an individual like that.

Aug 21, 2011 01:23 PM
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Bruce, I hate hearing stories like this one... where some people are being given this type of information and trying to act on it.

Aug 21, 2011 01:49 PM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Sandy, that's a good one but unfortunately there are many people who think they can buy something with nothing and they are disappointed when we have to tell them that it is not so.  (on a personal note... I would like to use the credit card that gives me "cash back"! :-)

Aug 21, 2011 02:20 PM
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Sandy, it's time to give the guy's girlfriend's Mom a call.  She sounds like she could be an excellent customer.  I hope that he ordered his FREE credit report today to get started.

Aug 21, 2011 02:45 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Sandy- nice new pic! Thanks for leaving flowers for Roy!

Aug 21, 2011 03:38 PM
Alan Adamo
Westline Real Estate - Huntington Beach, CA
Your Huntington Beach REALTOR®

Sandy, that was a great post thanks for sharing. I was laughing when I got to the credit card bit. How could he think he's good for it with a fico in the low 500's? Maybe he thought he had a 5000. :) 

Aug 21, 2011 06:43 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Sandy, I've had a similar conversation not to long ago.  Might have been the same guy?  

Aug 22, 2011 12:35 AM
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Silvia, I know, people hear some crazy stories and unfortunately some think that it's feasible.

Hi Kevin, Ordering a copy of your free credit report annually is a great way to start in getting your finances in order.

Kathy, Great post you did for Roy.  He gives us gorgeous flowers on a regular basis.  He's makes things a bit more colorful here on Active Rain.

Alan, There's alot of bad information out there.  It's our job to educate the consumer.

Hi Gabe, I was glad to be able to help this fellow along.  I hope that he will be able to purchase a home in the next couple of years.

Aug 22, 2011 08:06 AM
Jim Palmer
Chipola Realty - Chipley Office (850) 638-2777 - Sunny Hills, FL
Washington County, Florida

Amazing how much bad information is floating around out there and how people will believe it!

Surprised he didn't also throw in the "Rent to own".

Aug 30, 2011 12:16 AM
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Jim, I agree, some of the misinformation available today can get some in real trouble. Scary stuff.  It's good when they get a chance to talk to someone that can clarify things for them.

Aug 30, 2011 02:47 AM