Home Buying in Charlotte>Question Details

Sam, Other/Just Looking in Charlotte, NC

Buying on terms how is this process implemented and are there examples that reflect how to go about this in an organized manner.

Asked by Sam, Charlotte, NC Mon Feb 6, 2012

Ex, investor wants to purchase a seller home but wants to purchase with no money, no credit how would he go about purchasing the home on terms?

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3
dave’s answer
Sam,

It sounds like you are either lookign for a mortgage. In that case; a traditional mortgage lender will not approve you. Buying an investment property requries a minimum of 20% down payment. There are exceptions depending on the credit and other factors.

The only way that may work is through owner financing; this is where the seller of the home agrees to sell the home for a fixed price. The title of the house transfers to the new owner and the seller is recorded as the lien holder of the property until such time that the home is paid off or financied through another lender.

A real estate attorney can draw up the necessary paperwork for this and set the payments according to the agreed upon terms for time, interest rate and loan terms.

Dave diCecco
Realtor/Broker
Coldwell Banker United
ddicecco@cbunited.com
704-519-7895
Web Reference: http://www.davedicecco.com
0 votes Thank Flag Link Mon Feb 6, 2012
Sam,
When you purchase something, the Seller expectssomething in return.
They either want money, or the promise of money. Always money!
With the "promise of money" the Seller/Lender wants to have a reasonable expectation of repayment;
That is the reason for a Credit History; you will have demonstrated your willingness and honesty in repaying the debt.
If you do not have money, and no credit, no one wants to sell to you.

Good luck and may God bless
0 votes Thank Flag Link Mon Feb 6, 2012
You will need to build credit. You have credit already but your lender needs you to get them the information. A lender who handles non traditional credit might be able to assist.

Walter Brzozowicz
704.574.9961
0 votes Thank Flag Link Mon Feb 6, 2012
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