Home Buying in Rochester>Question Details

Terri, Both Buyer and Seller in Ettrick, WI

I am looking for an investor to assist me in buying a home.

Asked by Terri, Ettrick, WI Wed Mar 13, 2013

I have an existing home up for sale, and have found another. I am looking for an investor to purchase and sell back to me. Once existing home sells, investor will be paid in full. I will make monthly payments and pay higher interest rate. Bank will not help 1) Debt ratio will be too high 2) New home is in neighboring state. Moving from WI to Mn. I do have a renter to take over existing home, their payment will cover full cost while waiting for it to sell. Do you know anyone whom would be interested in at least speaking with me? Or do you know how to go about finding an investor of this sort? Thanks, Terri

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If you have money for the down payment on the "new" home, and you have a renter lined up for the "old" home, you should consider talking to a local lender near the new home.

From your question it seems you have the abilty to pay higher interest, so you should have the ability to make the mortgage payment. And if you have a signed lease on the "old" property, the full payment on that one shouldn't have a huge affect on your debt ratio. If it's possible to structure a mortgage deal for you it would be considerably less costly than using the investor option.
0 votes Thank Flag Link Tue Apr 16, 2013
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