will a potiential seller allow me to move in their property with no money down and just make monthly payments?

Asked by Bridget Sims, Sterling Heights, MI Mon Apr 6, 2009

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Tue Apr 7, 2009
Hi Bridget
They're called sellers because they want to sell their home, and presumably get some money now for it. Now, some folks may have an assumable mortgage, but to take over their payments you'd need to qualify through the lender just like if you were getting your own mortgage.

Like the others said, anything is possible but you're probably going to have a tough time finding the situation you are looking for
0 votes
Carolnjr, Home Buyer, Sterling Heights, MI
Mon Apr 6, 2009
TRUELY THIS IS A QUESTION A LOT OF NEW FIRST TIME BUYERS ARE WILLIAG TO ASK. BESIDE THE FACT THAT MOST SELLERS NEED TO TAKE THE MONIES FROM THE SALE OF THIER PROPERTY TO MOVE ON TO THIER REAL ESTATE NEEDS, THIS IS NOT AN IDEA THAT WOULD MOTIVARE A SELLER TO SELL THIER HOME. BECAUSE OF THE PROBLEMS THAT COULD ARISE FROM SUCH A TRANACTION MOST ATTORNEYS WOULD NOT RECOMMEND IT.
UNDER THESE CIRCUMSTANCES YOU WOULD PROBABLY BE BETTER OFF SHOPPING AROUND FOR A GOOD MORTGAGE PERSON WHO COULD DIRECT YOU TO A FHA, MISHDA OR OTHER ZERO DOWN LOAN POSSIBILITY
0 votes
Kathleen Lor…, Agent, Baxter, MN
Mon Apr 6, 2009
That would not be a wise move on their part.
Web Reference:  http://topbrainerdagent.com
0 votes
Maureen Fran…, Agent, Birmingham, MI
Mon Apr 6, 2009
I doubt it too. I have seen some landlords take lesser amounts as the security deposit, but I have never seen it waived.
Web Reference:  http://miOaklandCounty.com
0 votes
Bill Eckler, Agent, Venice, FL
Mon Apr 6, 2009
Any thing is possible, but it's doubtful you would be able to find someone willing to go along with no deposit. There are many horror stories about renters moving in and not paying rent, trashing the place, and refusing to move out.

Essentially, you are asking the owner to overlook these realities.

Good luck
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more