Home Buying in West Chester>Question Details

Cathy Schmid, Renter in West Chester, OH

The home I have been renting has just been put up for sale in a short sale.

Asked by Cathy Schmid, West Chester, OH Thu Mar 22, 2012

I want to purchase the home but I am working on my credit rating. I am looking for a private investor to purchase the home and lease purchase back to me. Does anyone have any advise? Thank you!

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Cathy I am not aware of an investor that would do a purchase lease back on the property. Be prepared as a lot of properties that are investor owned are hard to get approved for a short sale. Ohio is a recourse state and the lender may want to forclose and lein the owners primary residence for the deficiency. I have seen this happen before. A few times I have seen the lender (the current house you are in) forclose their lein on the primary property (The one your landlord lives in).

Good luck and If you want please give me a call I can check if forclosure has been filed at this point.
0 votes Thank Flag Link Thu Mar 22, 2012
James -- thank you very much for your informed comments. The property was just listed on the MLS yesterday and foreclosure has not begun but I do know the owners are in a very big hurry to get an offer in to get the process moving as it will likely take several months with a short sale. To make matters worse for the owners - there is a 2nd mortgage on the home as well.
Flag Fri Mar 23, 2012
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