Windchaser99, Home Buyer in Denver, CO

Seeking an owner carry or other alternative finacing option for owner occupy purchase in Virginia Village.

Asked by Windchaser99, Denver, CO Mon Oct 17, 2011

Seeeking a home in this area in the 200-250 range to live in. My cedit is shot due to foreclosures stemming from housing collapse which I was trying my hand in real estate investing. I make over $150,000 a year, my girlfriend meanwhile has perfect credit but makes only around $18000 a year. I really dont want to deal with banks anymore. Rent to own would be fine as well.

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Robert McGuire’s answer

Depending on when you foreclosure was, you will not have the option of working with a bank for a while. When you are able, you might want to work with a local bank or credit union as opposed to the big megabanks. You will need 2-3 years from the foreclosure date to get a bank loan depending on any extenuating curcumstances. There are some private money lenders such as Pine Financial, and what we call hard money lenders. I would be careful with these alternative solutions. Especially with the lease-option or rent to own transactions. Get a lawyer to write the contract with as many outs and provisions to keep you from getting in trouble as possible. Same with owner-carry.
contracts which are tough to come by in this market.

Robert McGuire ASR
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
Direct – 303-669-1246
0 votes Thank Flag Link Sun Jan 8, 2012
This area actually has quite a few options for rent to own or owner carry it just takes a lot of digging. The majority of options like this will be townhomes or condos that are listed below $200,000. I would search craigslist or call an agent that specializes in this area.
0 votes Thank Flag Link Tue Dec 13, 2011
The problem with RTO is it presumes I seek conventional finaicing at some date in the future but I do not. I want to deal with a person not a soulless megacorporation.
0 votes Thank Flag Link Tue Oct 18, 2011
Honestly try craigslist. I would look at rent to owns.
0 votes Thank Flag Link Tue Oct 18, 2011
There are presently 11 homes for sale up to $250k but none are offering anything other than traditional financing options. Advise if you'd like me to input a daily search for new listings.

Tim Klein
Metro Brokers - The Realty Werks
0 votes Thank Flag Link Mon Oct 17, 2011
Hello, I will be happy to help you with owner carry purchase in Virginia Village. It might take a while to find the right property though, since the terms are quite limiting, but could be a good situation for all involved. Please call me or email at your convenience 303-880-6167.
0 votes Thank Flag Link Mon Oct 17, 2011
Yes its true I much prefer an owner finacing situation which benefits all. I really don't want to deal with banks anymore at all. Believe it or not I don't actually want good credit, I prefer to use cash and stay out of debt. I actually own a company that helps people with credit and debt problems so I have seen all sides of the "bad credit" issue.
0 votes Thank Flag Link Mon Oct 17, 2011
Rent to own situations rarely work out and they usually never benefit the buyer/renter in any way. You should focus on rebuilding your credit for now. Good luck!
0 votes Thank Flag Link Mon Oct 17, 2011
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