Home Run Real Estate inc
I'm guessing that the real problem may be the value of your neighbor's home. What is the basis for the $250,000 price? An bank appraisal, a tax appraisal, a CMA, a BPO, or just the home owner's wishful thinking? Let's face it, in this market all home owners think their home is worth more than it really is, sometimes a lot more. You could find yourself in the position of doing a lot of work to find a lender, only to find that they think the house is only worth $175,000.
Good luck, Mark
Traditional Banks have to underwrite everyone to the same set of rules and are not willing to deviate from those standards. A local bank or portfolio bank may help as well.
This transaction can be done in a business like manner, just expect a lot of legal questions and additional documentation to be required. You one year tax return and low American DTI are the issues I see with the traditional banks.
I agree with the other responses. First of all you the representation of a realtor who will be working in your best interest to evaluate the value of the home you are considering and to write an offer with your needs represented to the seller so that you and the seller have written agreement and can both move forward confidently.
The first step in the process though is to know what your financing options are so you will need to speak to a lender. A realtor is also a great place to get a referral to a lender who is a trusted business partner of the agent so that you know they are working together on your behalf.
There is no fee to contact a real estate agent so do so before going any further. We are here to help.
Best of Luck and let me know if I can help,
Morris Williams Realty
Wells Fargo Jeff Tinch
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