Home Buying in Lake Forest>Question Details

Jon Gasporra, Home Buyer in 94020

How can I find an investor to co-sign a refinance on a home I inherited?

Asked by Jon Gasporra, 94020 Thu Sep 19, 2013

Large home in Lake Forest, Orange County. No debt on home except for a reverse mortgage. $303k owed to pay off. House is appraised at approx $550k, but once remodeled similar models are selling for $645-$675k. Great location, large lot, swimming pool, backs to a school and is in a cul-de-sac. I need a co-signer to help me refi that rev mortgage. Open to all terms.

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Ingrid Ski Realtor’s answer
Several quetions come to mind
- Do you plan on keeping it ?
- Have you spoke to a lender for a refi?
- if someone co signs with you then you should have an idea how long want to stay in as a cosigner and what they will get out of the home when it is sold
- have you spoke to a real estate attorney?
More questions to get you all the options, answers and what you can do

Ingrid Ski Realtor
0 votes Thank Flag Link Thu Sep 19, 2013
Good luck finding someone to do this. If you find one let me know because I can sell them a bridge.
1 vote Thank Flag Link Thu Sep 19, 2013
I think that most lenders want cosigners that are either a relative or maybe even an employer.

We have some loans with less strict guidelines if you would like me to try. You can contact me by clicking on my picture
0 votes Thank Flag Link Fri Nov 8, 2013
Before you proceed with any kind of investor relationship, you must be clear on your expectations. writing up some general terms of partnership is a great starting point. What do you expect of the investor? What type of return will the investor see? What is your plan with the property (rehab and sell, rehab and rent, rent as is, sell as is)....
Once you have established your terms and expectations, then you are ready to find your investor. The best place to start is with Realtors- if you have any friends who are Realtors, any connections on LinkedIn or Facebook. A lot of Realtors work with investor-clients on a regular basis, and may refer you to one of them.
Be wary of posting ads on the internet. There are way too many scams out there! If you do select someone from an internet ad, its worth paying to do a thorough background check on them before moving forward (these typically run $50 or less).

Another option for you is to sell the property, and take the gain on it. I would be happy to provide you with a complimentary Market Analysis and Seller's Net Sheet, so you can see exactly what you would receive from a sale.

I hope you have found my answer helpful! Please contact me should you have any questions, or need any further information!

Nicole Fedorchek, Realtor
Tarbell, Realtors
0 votes Thank Flag Link Thu Sep 19, 2013
What financial challenges are you facing if you're doing it yourself? How is your credit? Are you working? How long have you been at your job? Do you have another property(ies) you own? Feel free to call me to set up an appointment for a free consult to see what we can do with or without an investor consult. My office is in Yorba Linda. Inbox me: tazar@symbolicholdings.com
0 votes Thank Flag Link Thu Sep 19, 2013

I can help you out. First I would suggest that you find out how long you have to pay the reverse mortgage. Usually they give you one year grace period after the death of the homeowner.
If you are looking for money to re-hab and sell the place you have some options as well. Hard money loans are expensive, but need no credit only equity in the home.
Lastly, one of the investors/flippers that I work with might be interested in taking on this project.

Let me know.

Joe Homs, Realtor
Web Reference: http://thehomsteam.com
0 votes Thank Flag Link Thu Sep 19, 2013
I would first tap into close family or friends. Make sure you have a legal agreement before moving forward. Do you have a contractor/builder contact? That could be a marriage made in heaven.
0 votes Thank Flag Link Thu Sep 19, 2013

Thanks for posting your question.

I have several investors that will help you facilitate your vision. I help them do exactly what you're looking for often...

Please call me to discuss. I'd also like to meet you to view the subject property.


P.S. Make sure to check out my profile here on Trulia, you can see what my clients are saying about me.

Alex Vargas
ReMax Premier Realty
(714) 269-8775 Mobile
0 votes Thank Flag Link Thu Sep 19, 2013
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