how do you truly buy a house with no money and walk away with a refund check at closing?

Question

have bad credit; want to buy a house without any money down.

Answer 1

get the carleton sheets no down payment books. They rally work if you follow the directions.

Answer 2

One way to do this is make a deal with a person that has a property that is in default. You make a deal with him about the purchasing his home from.

You figure out the balance of the mortgage, cost of any repairs, how much the owner want to walk, you should also figure any back taxes owed on the property. If there is still a deal after all this you can continue with the deal.

Get the owner to sign a contract saying how much he want for the property. Your contract should say " I am purchasing this property for me or nominee to be named" "I might or could use more than one escrow to close this transaction."

In California we use escrows for closing agents so you would want to open a 45-60 day escrow.

Now you should place an ad in the local paper, house for sale 10-15% down, qualify for a 80% mortgage, OWC the rest. principals only,no agents. Open house Sat and Sun between 11Am and 6 PM. For additional information please call 562-555-0921. Run this ad for at least 3 weeks or until you find a buyer.

After you find a buyer, write a contract for the sale price. Find out
how much he has to put down. If it is 10% you will have to carry a 10% second, while he qualify for an 80% loan. You should prepare a contract saying that the buyer will place 10% down on the property to be placed in escrow 10 days from signing of this contract, the seller will carry a note for 10% at a interest rate of 9.5% all due and payable in 5 years amortized for 30 years.

Take this contract to escrow and tell the escrow person that this is your nominee.

The numbers work this way for this transaction.

Balance of mortgage 95,000
Pay to seller 15,000
Repairs 5,000
Total 115,000

Appraised value/Sales price 150,000
10% down buyer 15,000
10% OWC 15,000
120,000
With this scenario you would walk away from closing with a note of $15,000 2nd and $5,000 cash for a total of $20,000

Of course there are closing cost and a few other things that have to be paid for like appraisal, title report, escrow etc.

Now to be very honest with you this is possible, but for everyone you get like this you will have 40 that don't even come close.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

There are a number of ways however utulizing a realtor does not help. Realtors work on commision and are paid by the seller in the form of the home which actually has the value attached.

To truly buy no money down you would have to directly contact the seller and negotiate terms.

Carelton Sheets and others have a myriad of methods that most licensed realtors are not trained or encouraged to know and utilize; BTW most succesful realtors do in fact utilize these methods to negotiate sales and earn thier "bottom line" at both a winning sum of parts for the buyer seller and themselves.

But in short seller terms and financing are about the only method to "bad credit" No money down purchases.

Answer 4

You need the right circumstances at the right time.
Carlton Sheets is out dated an just doesn't work.

Take a home "subject to", issue a promissory note, get quit claim deed, find buyer, stir, go to title company pick up your check.

Those are the ingredients. the baking time is another story.

You have to work very hard to find the circumstances that will this receipt work.

Having some money will shorten the search time and get you a much better property to make money with.

If you are a handyman type, you could use sweat equity.

Arizona, Nevada, New Mexico, California would be your best bets

Answer 5

Anybody that would offer a deal like that will offer an ARM (adjustable rate mortgage) . Payments are low for the first 7 yrs. and then skyrocket up for the rest of the mortgage. Unless you can absolutlely sell the house before the payments rise, don't even think about it. It's a sucker's deal, but a lot of people fall for it. ARM's are a major reason so many people are being forclosed on these days.

Answer 6

You will need to do one or more of the following:

1. get 100% financing
2. borrow more than what the house is worth
3. have seller give cash back at closing or seller financing
4. have your buyer's agent split their commission with you
5. find a home with equity and borrow 100 percent of the value

There are more ways, but that should keep you busy.

Regards

Answer 7

I don't think that's possible--a refund is the return of a portion of money that you paid in, and since you haven't put any money in, you can't get a refund!

Answer 8

dont sale your private parts. try earning on jog.

Answer 9

you dont.