Financing in 92886>Question Details

Voices Member,  in

Is there a way to buy from the seller without getting a new loan right away?

Asked by Voices Member, Wed Oct 19, 2011

My credit is dinged up

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Seller financing is an option, but I would make sure an attorney reviews it before signing anything
2 votes Thank Flag Link Wed Oct 19, 2011
Seller financing is an option if the seller has enough equity. Otherwise I'd suggest going to a legitimate credit counseling agency that will help you improve your credit, especially if you have negative items on your credit that are wrong.
0 votes Thank Flag Link Mon May 21, 2012
Sure, there are a couple of ways to purchase a home without getting a new loan. You could find homes through a title company that are owned free and clear or you could also assume someone elses loan. Assuming someone's loan is somewhat tricky and the banks dont really make it easy. The loan that your assuming may have a "subject to bank approval" clause in it (or something similar) where they look at your credit as if you were applying for a new loan.

My advice is to work with an agent who is knowledgeable about these types of transactions. With owner financing its not uncommon for you to put something down as a downpayment because most sellers still want some kind of cash up front. Feel free to message me, call, or email. I'd be glad to help.
0 votes Thank Flag Link Wed Dec 21, 2011
You can go to a title company and get a list of houses owned free & clear and send letters that you would like to buy the house if the seller would carry the financing. You should also work with a good loan officer to get suggestions to help improve your credit score.
0 votes Thank Flag Link Wed Oct 19, 2011
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