With a 539 middle score you probably can't get approved now. Thelendersnetwork.com has a great do-it-yourself credit repair guide you can download on their site. They have lenders in their network that work with less than perfect credit, but I think you need at least a 580 or 600 score to qualify for FHA. Good luck!... more
Seek out an agent who specializes in the purchase of distressed properties. This type of transaction can be quite difficult. Ask questions of that agent. Make sure they thoroughly understand the the mechanics and nuances of buying foreclosed homes from trustees. And familiarize yourself with the statutory parameters which affect a homeowner on the "front end" of such a dilemma. This will be quite helpful if you seek to purchase.
It could seriously raise the value of your property. The fact that it is a detached garage takes away a lot of the benefits that come with a garage, and the value you would lose by sacrificing that would definitely be made up by whatever you end up adding to with the garage. In addition to that it creates a new residence that can be used at the discretion of the buyer whenever you sell. With all of that, and the fact that you think you can make back your investment so quickly, there's really no reason not to try to do this.
I beleive anything that you and the owner agree to would be perfectly legal. You shold speak to a local attorney to confirm this and to have them create the language to be inserted in the lease to protect you.... more
I would be more than happy to put in you touch with one of my preferred agents in Santa Maria and they would be able to anwser any and all questions you have during the home buying and selling process.... more
Hard money lenders will require that you bring a down payment into the deal. They are not limiting the percent they are able to lend because they don't have enough funds, they are ensuring that you have equity in the property.
The last thing a hard money lender wants to hear is that you want 100% financing.... more