I am an Atlantic City resident looking to purchase a foreclosed house or rent to own. Credit not so good,how can i do this?

Asked by Marguerite, Philadelphia, PA Sun Nov 24, 2013

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John Charles, Agent, Atlantic City, NJ
Tue Nov 26, 2013
Please call me at Argus Real Estate to discuss detailed information on your request. I may be able to find you a fixer upper, cheap.

John Charles
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Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Mon Nov 25, 2013
You need guidance from a local Realtor you trust. This question alludes to two mistakes I witness buyers make over and over. First, I tell all of my clients it is a mistake to narrow a search to strictly foreclosures. Lots of reasons that is a mistake, biggest is there could be a much better home that is priced better than someone’s train wreck down the street. Search for need not greed.

Second, real estate doesn’t work the same as a rent-to-own furniture/appliance store. When it comes time to pay off the seller the mortgage underwriter MUST follow the mortgage guidelines and those rules will probably not be the same as the terms in your contract with the seller. If you are already having trouble paying bills it would be a shame to throw away what money you have on a transaction that will not work the way you expect.

Find a Realtor you trust and have them introduce you to the loan officer they trust the most. Gather up all of the support documents needed to decision a loan, set an appointment to meet the LO face-to-face, review everything. Lay out a plan, then follow it. Hope my comments keep you from making things worse than they already are. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference:  http://jamessimms.com/
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Nate Chait, , Atlantic City, NJ
Mon Nov 25, 2013
A lot of times, foreclosed properties are not the best way to go. Once banks have the properties, it could take along time to settle. If you are serious about owning, and have credit issues, call us. We currently have 14 properties listed in AC, all offering 80% owner financing, accepting low credit rating. Nate Chait 609-742-5896
0 votes
Marsha Bowen…, Agent, Livingston, NJ
Mon Nov 25, 2013
You should speak to a mortgage professional to know your financing options. If your credit isn't sufficient enough, cash might be your only option until you can build up your credit.
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