My tenant would like to purchase a rental property from me but she has bad or lock of credit to get a standard morgage to purchase does anybody know of sombody or some place that she may be able to get financed the property is in Akron, OH??
2006-09-13 05:30:37 · 12 answers · asked by tjshandave 2 in Business & Finance ➔ Credit
How about the owner carrying the mortgage? If she defaults you get your rental back!
2006-09-13 05:32:58 · answer #1 · answered by Bear Naked 6 · 1⤊ 1⤋
I partially agree with the Real Estate Agent, if the tenants are paying the rent why mess with that? On the other hand the remodeling thing may not work for you because at times owners are made to relocate their tenants during remodeling. You will have to abide by the terms of the lease agreement and usually it says that either party can terminate the lease as long as you provide 30 days written notice. Check the terms of the lease and find out what you have to do to terminate the leases on the tenants if you really don't want them living there. Also, CONSULT WITH AN ATTORNEY FIRST. Most times the consultation is free and it certainly won't hurt.
2016-03-26 23:22:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Perhaps you can finance it. Sell her the property on a land contract. That means you retain ownership of the property until the payments are made. The biggest benefit to you is that if at anytime, the buyer fails to make payments, she is out and you get your property back. She loses everthing that she has paid so far. With a land contract agreement in hand, you should be able to borrow against the equity if you need to do that.
2006-09-13 05:33:26 · answer #3 · answered by united9198 7 · 1⤊ 0⤋
I once rented a small house that I also wanted desperately to buy.
It didn't work out that way for me and I was so disappointed. Until
I had another renter move into the house next door to me. She
turned out to be a "neighbor from Hell" and then was I ever GLAD
I didn't own my rental house!
2015-04-29 19:54:53 · answer #4 · answered by ? 5 · 0⤊ 0⤋
You could self finance which is where you serve as the mortgage company and she pays you the mortgage payments. You can probably find some standard contract templates on line.
2006-09-13 05:32:08 · answer #5 · answered by Robin A. 3 · 2⤊ 0⤋
There are a lot of lenders that are considered "B" and "C" paper lenders in all areas. I would have her call a mortgage company and try and get pre approved and if she can't have them direct to a hard money lender. The interest rates will be higher.
2006-09-13 05:33:23 · answer #6 · answered by TrevorGray 2 · 0⤊ 0⤋
DON'T DO SELLER FINANCING!!! There is a huge risk and this sounds like someone begging for a foreclosure...don't even offer a seller-held 2nd.
Tell her to apply online to getsmart.com or compareinterestrates.com. There are a lot of lenders that can finance her, as long as she can afford the high interest payment.
2006-09-13 05:50:56 · answer #7 · answered by KL 5 · 0⤊ 1⤋
I would like to take a look at her credit and income documentation, this is a situation where you really have to look at the customer to find a fit. Don't send them to those lead websites like lending tree or sites like them, they are lead sources for brokers and banks they are not there to help, the advertise to make money.
Send me a phone number to contact her at and I will follow up with her in the next hour or so.
2006-09-13 06:50:18 · answer #8 · answered by xsvideo 1 · 0⤊ 1⤋
Hold the mortgage cheapscape! Or if you have an assumable mortgage and she has a down paymeny sufficent- the bank has to finance her!
2006-09-15 09:46:29 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Why does she want to buy it so badly? Inquire through the town planner if a developer wants your building for redevelopment.
2006-09-13 07:07:02 · answer #10 · answered by Steve R 6 · 0⤊ 0⤋