Rosie, Home Buyer in Topeka, KS

An investor to buy my house so I can then rent to own?

Asked by Rosie, Topeka, KS Tue Jan 22, 2013

I am currently living at my grandmothers house which I was renting to own so i could k on improving my credit. She recently died though and now my family is making me pay the balloon payment. The house I appraised at 52,000 and they sold it to me for 40,000 but I currently only owe 36,000. I have made all my payments on time without a problem. I make more than enough to easily make these payments but with a poor credit score it's impossible for me to get a loan through a bank. Even if I could get an investor to help me for a short 3-5 year period that would help. Just kind of in a bad situation.

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4
Raul - whats the best way for me to get you the information? Thank you so much!
0 votes Thank Flag Link Wed Jan 23, 2013
I know several investors. They will want to perform their due diligence on your home. Please indicate the address, any improvements you have made to the property and what your average utility costs were for the past 12 months.

I wish you continued success, prosperity, health, happiness, love, joy, inner peace, patience, kindness, generosity, self control, compassion, satisfaction & the time to enjoy them with your family & friends!
0 votes Thank Flag Link Wed Jan 23, 2013
I don't know of investors in Shawnee County but call the Title Companies and ask them if they do - also ask some Realtors there also - but if you can find someone they may either charge you a high interest rate or sell it to you for $52,000 or both unless you could find a friend or another relative to help you out. Did you have a contract for deed drawn up with your Grandma? Did you file an affidavit of equitable interest on the property?
0 votes Thank Flag Link Tue Jan 22, 2013
Lease/Option
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

There is no FORM printed by anyone; there are just too many variables.
The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!

Good luck and May God bless
0 votes Thank Flag Link Tue Jan 22, 2013
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