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Kneves808, Home Buyer in Conroe, TX

We are waiting on our home to sale in Hawaii, on the Big Island while also attempting to make a trade to

Asked by Kneves808, Conroe, TX Wed Jul 8, 2009

Austin/The Woodlands TX for a home of the same value. Our house is currently appraised at $94,750, but is an unpermitted building so banks will not lend against it. Do you think the trade option is the best option? What are some good sites to list the home on for better exposure (for trading and selling)? We do not have the best credit so I don't think we will qualify for financing (mine 560, husbands 505). We also purchased a home though an owner finance situation when we moved to TX from Hawaii, currently paying 10% interested. We want to sell the house we currently live in and use that money for an owner finance in Austin maybe? The house has been on the market for over a year & we feel that we are just wasting our time. Do we sell our current home and buy with owner financing? Wait on a trade or possible sell of our home in Hawaii? Can we even qualify for a loan? Please help!!

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Hi! You might want to visit this site out http://commercialinvestmentstrategies.com/ Maybe this could go help you out! Mahalo!
0 votes Thank Flag Link Sun Mar 24, 2013
yes you can get a loan i am a realestate investor.iknow lenders that willwork withlow credit scores.my is rachelle thomas i specalize with trouble credit call me at 765-372-12-21
0 votes Thank Flag Link Fri Mar 22, 2013
0 votes Thank Flag Link Mon Mar 18, 2013
Aloha! You might want to check this site out http://commercialinvestmentstrategies.com/ Maybe this could help you out! Thanks for the post!
0 votes Thank Flag Link Thu Mar 7, 2013
I have A house in ARIZONA will trade free and clear. call for more info 928-565-9601 ask for Sharon.
0 votes Thank Flag Link Fri Jan 18, 2013
Complete Pictures through inside & out of House ,plus out side surrounding.
Please send to stumpy4god@gmail.com
Maybe we can help each other.
Thank you,Don
0 votes Thank Flag Link Tue Sep 18, 2012
I would consider looking at your Hawaii house,as long as permits are up to date.

0 votes Thank Flag Link Fri Oct 28, 2011
Would you consider doing owner financing with someone on it if they have a down? Lyn
0 votes Thank Flag Link Sun Sep 5, 2010
We can lend with a unpermitted structure on property, please call to discuss
Guild Mortgage
Big Island 883-8833
Oahu 292-7566
0 votes Thank Flag Link Tue Mar 16, 2010
Based on the information you provided, conventional lender financing is out of the question. You best bet will be to find someone who is selling a home and willing to carry back some seller financing to you as condition of the sale. An alternative option would be to consider lease-option-to-buy.

Andrew Meislin

Lauhala Mortgage
74-5620 Palani Court; Suite 208
Kailua Kona, HI 96740

Phone: (808) 331-0585
Fax: (808) 331-0583
Cell: (808) 990-2710
Email: Andrew@LauhalaMortgage.com
0 votes Thank Flag Link Thu Dec 3, 2009
Is your house currently listed with a realtor or are you doing a FSBO and also exploring the trade option at the same time on your own? If you are doing the latter...perhaps it's time to hire a professional expecially since you are off island. I have a blog that explores owner financing here on Trulia. You may enjoy reading it.
0 votes Thank Flag Link Sat Aug 8, 2009
Read your owners financing contract carefully to see what you need to do prior to listing your Texas home

Talk to your realtor in Hawaii and see how trading the home there for a property in Texas would affect your listing contract.

Start moving towards improving your credit scores as these are going to continue to haunt you through your life. Never be late on payments. Don't buy anything additionally on credit until the current ones are paid off. Pay off your ones with the highest interest rates/finance charges first. Try to consolidate your high interest ones into lower fee cost options. Talk to a trusted lender to see if things can be adjusted on your credit report to change the scores.

Have a garage sale. It will prepare you for your move and then use the proceeds to pay off your credit bills or improve the properties you are selling.
0 votes Thank Flag Link Sat Aug 8, 2009
In this market, you cannot lock in on what your home "appraised" for as that is just an educated opinion. Your property is worth what a buyer is willing to pay for it. Aside from proper marketing, the next most important factor in selling is pricing it properly (unpermitted structure or not). You may have to consider selling it at close to it's land value or consider getting the proper permits, so the value of the home can be included in the sales price. Because the average buyer will need financing - you are looking at working with someone who needs seller financing or someone who has the cash to purchase the property outright. With your FICO scores in the 500s - it doesn't sound like you will qualify for a loan (talk to a lender about this), and I would advise focusing on taking steps to improve those scores so you will qualify for a home loan in the future. As for the sale of your Big Island home - are you working with a Realtor to help you sell it? And finally, have you considered renting the home and moving to Austin?
0 votes Thank Flag Link Wed Jul 8, 2009
Aloha, Kneves... I'm sorry to hear your house on the Big Island has been on the market for so long - I'm sure it must be incredibly frustrating for you. Given the pricepoint, I'm assuming your home is in Puna or Ka'u, and those areas of the island have been especially hard hit this past year with both declining prices and declining volume of buyers. Are you offering seller financing on your property in Hawaii to the buyers? That may bring a few more people to your door because if the structure is unpermitted, as you know, no buyer will be able to secure a mortgage against the property.

I realize it's hard to make the decision about what step to take in which order. I often counsel my sellers that if they really want to sell their house, they need to be sure they are actively "moving on" - ie: making plans to move, packing up personal effects, buying plane tickets off the island, etc. Given that I don't know you or your situation well I realize this may be shallow advice, but if I were your agent I would encourage you to start the move to Austin and trust that your Hawaii house will sell once you've really let go of it and are focused on your new life in Texas.

Best of luck to you in your new adventure! A hui hou!! Katie Minkus, Broker-in-Charge, Hawaii Life Real Estate Services, llc. katie@hawaiilife.com. http://www.hawaiilife.com
0 votes Thank Flag Link Wed Jul 8, 2009
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