if the value of a home is 75000 dollars and the seller only wants 39,000 wouldn't it be real easy to get it

Question

financed? like with no money down, i have no credit. good or bad.how would something like this work?

Answer 1

Go to your local bank where they know you and try there first. Then try a broker who has many more options available to you.

WHY does the seller only want 39K for a 75K APPRAISED VALUE home? This is an appraised value right?

See if the seller is willing to finance the property for you but have an Atty look over the contract first or you might be stepping into trouble.

Answer 2

Amazing that only a couple of answers mention the fishy smell in your question.

Why would the seller want only a little more than half the value? Makes no sense at all. Real estate is my retirement plan and I have yet to come across such a good deal.

With no credit history it's unlikely for you to get a mortgage or you would pay a very high interest rate. But in this case, whether or not you can get a loan is not the most pressing question. The price is.

You would want to know who and how the seller came up with this figure of $75,000 and then, if that's real, why the asking price of only $39,000. Something here is definitely not right. Unless there's something you forgot to tell us. Like the seller is your dad. or something.

Answer 3

I don't think that you can get a loan in the normal money market, you might be able to find a hard lender/private investor who would be willing to do it but you will pay a very high interesst and most of those mortgage/loans are tuff on the borrower.
Can you ask the seller for a lease purchase for 1 year ot 2, until then you will have a credit established and you might be able to qualify for your own financing and pay the seller off.

Answer 4

Well first most lenders have a limit on the loan amount and that is pretty low. As for your credit, if you have no credit, they probably won't loan you money. You need to establish your credit. Maybe the seller will hold the mortgage for a couple of years while you pay him rent and build up your credit. Otherwise, while it may be a good deal, you have to have some money to purchase a house.

Answer 5

Actually there are programs for people with no credit as long as you can prove good payment history by showing a good payment history of rent, utilities and so on...Freddie Mac and Fannie Mae have some of those programs. Plus even with a 100% loan you'd have to come up with some closing costs. And it will really help your monthly payment to have some money to put down.

But, as it was mentioned, it is fishy. A 75k house does not sell for 39k, if 75k is the real appraised value. It is something worng with the house -do they sell it "as it is"? What is wrong with it?

Answer 6

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Answer 7

Theoretically. But you need to ask yourself why they're willing to sell so much below the "value", and what the true value is. If you apply for a mortgage, the back or loan organization will do their own appraisal, not just accept some "value" that someone else has said the property has.

Answer 8

well you can offer him that price of $39,000 and ask if he is willing to do a contract for deed, that way it probably won't be reported to the credit bureau and the person selling you the house is basically financing it to you . just tell them that you don't have any credit at all and they will want some more info about yourself such as how much you make a month, a list of your expenses, and maybe a referral or two.
good lucK!

Answer 9

With the problems in the mortgage market right now, I doubt you'd be able to get a no down loan.

39K for a 75K house. Sounds like there are other issues that a lender may not want to deal with either. Make sure you get a home inspection. Sounds like trouble brewing.

Answer 10

Is the seller willing to finance the property? This will probably tell you how much the seller thinks it is worth. Most banks will not lend you 100% no matter what the property is worth.