Bank owns the property. Either way you're going to need financing for the remaining balance. Borrow money from a friend, or have someone else (e.g. family, or friend) qualify for a loan and you make the payments. Include yourself on the Deed of Trust.
Not many other options available. If you thnk you have an issue qualifying, depending on how much you put down, (no less than 40%) you can qualify for a loan.
Not many other options available. If you thnk you have an issue qualifying, depending on how much you put down, (no less than 40%) you can qualify for a loan.
No 3peet its not that I don't qualify for a morgage. Hell our credit score is 755. If I wanted to spend all my cash I would pay that way. The condo is only 20g's. I know this area very well. Hell I lived right below it before we bought a house. I am going to buy this for a rental property.
Hell if the is $20,000 put the balance on your CC and immediatly refinance.
What is the assesed value by the city ?
Have you had an appraisal done ?
Is the condo being sold free and clear of all tax/mechanic and mortgage liens ?
What is the rental value ?
So many questions need to be answered before I could give you some informed advice, but at least your thread is gaining momentum.
What is the assesed value by the city ?
Have you had an appraisal done ?
Is the condo being sold free and clear of all tax/mechanic and mortgage liens ?
What is the rental value ?
So many questions need to be answered before I could give you some informed advice, but at least your thread is gaining momentum.
I'm I getting this right? It's selling by the bank for 20k but your comping @ around 550k?
I understand you don't want to make monthly payments on 20k but there's not much of else you can do. Your gonna have to make monthly payments somehow if you aren't paying cash. @ 755 you'd still qualify for a 4.625% 30yr @ 1 point cause its such a small loan. Maybe that payment would be better than your credit card or a possible equityline rate. My helocs are running at 5.25%. Payment isn't that much of difference but atleast the cash will be there should u need. it.
oh yea. I've mentioned it a few times but..not all that much. mostly in the political (circus) forum. only cause of the back n forth there.
as far as it being a non owner property, the rate on a 30yr would be the same. Your score offsets the NOO hit. if you put more down (e.g. 50%) it may even lessen the blow on the closing cost. also depending how the next few weeks go, banks and lender may be offering additional incentives to encourage more customers. Its not a big step but atleast the door is now ajar for more liquidity.
just my 2 cents. good luck!
as far as it being a non owner property, the rate on a 30yr would be the same. Your score offsets the NOO hit. if you put more down (e.g. 50%) it may even lessen the blow on the closing cost. also depending how the next few weeks go, banks and lender may be offering additional incentives to encourage more customers. Its not a big step but atleast the door is now ajar for more liquidity.
just my 2 cents. good luck!
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I am with Remax also.
Purchase price of $20,000 +
Annual income of $6500-7000 +
Free title and deed =
No brainer
Get the cash whatever way you can.
Regardless of taxes, insurance and repayments on $20K, if your rental income is accurate you cannot lose.
This is the kind of positive monthly cashflow property that my investors dream about.
Purchase price of $20,000 +
Annual income of $6500-7000 +
Free title and deed =
No brainer
Get the cash whatever way you can.
Regardless of taxes, insurance and repayments on $20K, if your rental income is accurate you cannot lose.
This is the kind of positive monthly cashflow property that my investors dream about.
hno:
