Rental Basics in Mesa>Question Details

bobbieloveto, Home Buyer in San Francisco, CA

After 10 yrs our landlord wants to sell our house. Due to declining health,our credit is poor.He's offering it to us,but we can't get a loan.

Asked by bobbieloveto, San Francisco, CA Wed Jul 17, 2013

If we can't buy the house,he wants us out by Oct.'13.It would take longer than that to get our credit repaired.We want to stay here,but the man is hard to deal with.

Help the community by answering this question:


First of all - don't count yourself out! Many lenders work with people with less than "sterling" credit. You won't know that you can't get a mortgage loan unless you try. If that doesn't work, seller financing is your next option. If he/she won't do that, ask about a lease option which will buy you some time to repair your credit. If that won't work, ask him/her to consider selling the property to an investor with you (the tenant) already in place. Best of luck!
0 votes Thank Flag Link Fri Aug 9, 2013
I would be happy to be you with your issues, we help people with less than perfect credit get approved to purchase all the time. If you need help with your credit I can give some free advice as I know credit better than any lender you will speak to. I can also speak to your landlord to give them reassurance you will be able to purchase within a reasonable amount of time.
0 votes Thank Flag Link Fri Aug 2, 2013
Since you have 10 years rapport with your landlord, you may want to talk to him about Seller Financing (Seller Carrie Back). Since he has history of you paying him rent for the past 10 years, perhaps he would consider selling you the home and financing it himself. It would be a win-win situation: you would be able to stay in the home and he (she) would be able to earn income by financing your loan. It may be a worthwhile discussion to have!

Best wishes,

Amy O'Rear, REALTOR®
HomeSmart International
2680 S Val Vista Dr, Suite 101
Gilbert, AZ 85295-1606
Direct: 480-664-9950
Mobile: 480-580-1221
Office/Fax: 602-503-4280
0 votes Thank Flag Link Wed Jul 17, 2013
This is a great answer!
Flag Wed Jul 17, 2013
You don't mention your age, but if you are seniors you may qualify for a reverse mortgage, which is not based on credit, and would allow you not only to buy, but to get some income from the house.

Talk to Kelly Zitlow at Cherry Creek Mortgage, 480-398-4908 or

This could be a golden opportunity for you.

I'm a Seniors Real Estate Specialist and have given seminars on Reverse mortgages. If you want more info, please email me your mailing address and I will send you an information packet.
0 votes Thank Flag Link Wed Jul 17, 2013
Hi Bobbie,

Have you spoken to a lender yet? If not, do so immediately as most lenders have a variety of loan programs and there may be one for you.

If you have already spoken to a lender and been turned down, I would suggest asking your landlord for a letter of recommendation. I believe that would go a long way with new landlord as most don't like the constant turnover in their rentals. I would also write a letter of explanation regarding your medical issues affecting your credit which should help..

Best of luck,

Barbara Grandolfo
0 votes Thank Flag Link Wed Jul 17, 2013
Would he consider holding the mortgage?
0 votes Thank Flag Link Wed Jul 17, 2013
This is something that comes up while being a tenant. If the lease expires on the 13th of October and the landlord is not renewing, the tenants will have to find a new rental.
0 votes Thank Flag Link Wed Jul 17, 2013
Hi Bobbieloveto,

I'm not sure what your question is? If he wants to sell the house and you can't buy it, at lease he's given you plenty of notice to find a new place to live.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Wed Jul 17, 2013
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