It's more of a Long Distance Game!

Real Estate Broker/Owner with Artistic Real Estate Group 0252063

Now that you have to have AT LEAST a 580 (probably soon to be 600) score to get a FHA loan AND 3% (soon to be 3.5%) down, it behooves us all to:

  • Get a relationship going with a good credit repair agency
  • set up a contact system to monitor and keep in contact with buyers
  • set up a plan to make the buyers work with you and stay with you

I am about to set up a program to accomplish this. I already have a credit repair agency that I have confidence in (an attorney). As an RE broker, I can charge an up front retainer fee. I can do what I want with this fee. So, I am going to:

  • Advertise for credit challenged buyers
  • Charge them a retainer fee, probably $995
  • Pay for the credit repair out of the fee (about $600)
  • Keep in touch with property info and monthly phone calls

It will take 6 - 8 months for the credit repair to do their job, so that gives the people that much time to save their money. Maybe I will get my favorite title company to receive payments monthly for this purpose. Meanwhile, I can work these buyers for some referrals, hopefully with BETTER CREDIT!!!


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Greg Knapp

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