It sounds borderline, but there might be a couple lending options that will lend you the money you need. The interest rates may be a tad higher than what you would see in market rate. Contact me and I will shoot you over to my direct lender who can give you some options for you and your partner. Thanks!... more
In the beginning you hopefully will get your contract signed by the seller,
then you have to await the bank(s) response.
This can take anywhere from 3 weeks to 5 months on average.
Then you can expect yourself to go through all sorts of emotion.
If you cannot set it aside this may be tough.
The bank then may get back to the listing agent with some sort of an answer with some crackpot demands like they want to close in 10 days.
The bank will expect you to have done all of your inspections, and as the buyer you get to pay for those and your appraisal. all without any guarantee the bank will even respond that they will or will not do anything. Don't worry though on average 12.5% go through or 1 in 8. The other 7 out of 8 get lost in the shuffle. That means while your deposit is at stake, you will shill out on average 400 for a home inspection and another 400 for an appraisal. That is if you decide not to do additional inspections.
Then you get to worry if the sellers will actually leave their home that most likely they haven't made a payment in a year or so.
There is nothing like buying a home with squatters in it.
Then you get to worry about whether the sellers take things they shouldn't out of the home when they do leave.
I am sure if you have any questions your agent will walk you through it.
I'm sure your agent is a great buyers agent he will write a contract to make it so you wont have most of the problems I mentioned above.
I wish you the very best
So Cal Homes Realty
CA DRE License 01312992
Graduate REALTORÂ® Institute,
Real Estate Masters,
Certified Distressed Property Expert,