Also if you decide to take the risk with a pre-foreclosure property, be prepared to fix the a/c, plumbing, appliances etc.
That said, you can buy the home and place your daughter as the tenant. Sounds like your daughter has to learn the consequences of her poor spending habits. She can work with a credit cleaning agency to help her organize and clean up her credit history. This will take some time.
Brock Realty Inc.
If you would like to search the MLS like an agent, visit our website and sign up for your free Listing Book account. This powerful search program allows you to set up your personal homefinder criteria and save your favorite homes, follow recent solds all in real time! Find the home youâ€™re searching for quickly.
There is plenty of opportunity to accomplish what you seek. Do not be disuaded by the ill-informed.
If she doesn't mind the inconvenience of possibly having to move with plenty of notice, renting a pre-foreclosure can offer significant discounts and cash to move when and if the foreclosure ever goes final. No suprises, you can easily check out the situation ahead of time and follow the case online and know exactly what's going on every step of the way. Even after final foreclosure there are laws and opportunities to continue to rent. It could literally be years before anything even happens. A small amount of diligence could pay real dividens. And of course there is also evey other situation where someone would be more than happy to rent with you as guarantor. If I may be of further assistance do not hesitate to contact me.
I'm sure an apartment complex would take the risk on your daughter if you plan to co-sign.