1. You are motivated to do it and
2. You have an agent that has some knowledge and experience in doing these types of deals.
I just had an offer accepted yesterday on a property where the seller offered to finance, but my buyer did not have 10% to put down, and his "credit" report consisted of chargeoffs and collections. He had not 1 positive thing on his credit. however, I have known this young man's family for 30 years and his Mom is like, my best client ever, but both she, and her whole family, have gone from rich to hard times in the last 10 years. I advised my buyer to compensate for his negative credit and his lack of adequate funds by offering to pay OVER list price, and I also agreed to take my fee in payments from the seller, as my buyer makes the payments. The seller was truly touched by the fact that we understood his position, and our shortcomings, so he agreed to take our offer. I would rather have some payments coming in myself, than nothing at all, and I am happy to have moved my buyer forward to be able to get his first home. And the seller, Bless his heart, now has some income instead of a vacant house that is costing him per diem. I think everybody took a chance on this deal, but, nothing ventured, nothing gained.
Call me if I can help.
Tim Sweeney realtor
30 Years Experience.
You will not be able to buy a home at this time. Your best bet is to find a lender or loan officer who will help you get moving in the right direction. Depending on your issues it may take a year or longer but the first thing you need to do is understand your credit and what steps you need to do to get things moving in the right direction. Be weary of credit repair specialists... not all of them are legit and some just take your money and do little or nothing.
Once you know and understand your credit you can take the steps necessary to improve your scores. If you go back in my previous answers I have laid out the steps to improve your credit and you can do it yourself at no cost.
Best of luck to you,
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
firstname.lastname@example.org | http://www.AustinListed.com
Team West Real Estate
You will be hard pressed to find a home for 50,000 in Austin without it requiring some extensive repair. You might find something in the outskirts, but you are probably looking at manufactured homes as your primary option. With a score in the 500's, you will also have a difficult time getting a loan but there are some homes available with owner financing that wont look at your credit score so critically. The key with those is to have roughly 10% of the price of the home to put down to be considered for that type of program.
I don't want to seem like I'm just being negative but I wanted to give you the reality of what you will be up against. Good luck to you. Feel free to reply if you have any questions.
Work with a real estate agent in your area and they can guide you through the process. The food ones also work closely with mortgage brokers as well that can help you.
Chris Hutchinson Real Estate
The Michael Group