I am trying to sell my house which has a first mortgage to someone else.Now his credit is not perfect to find a lender to buy. could you advise ....?

Asked by Okeita2, Herndon, VA Fri Nov 23, 2012

How can I manage to give him time to work on his credit and look for a lender. He has a good income

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5
Ann Shack, Agent, McLean, VA
Wed Dec 12, 2012
If I read this correctly, you have a potential buyer but he does not qualify for a mortgage and you want to know what to do? If you definitely want to sell this house to this buyer, one option is called a lease-purchase. The buyer gives you a large deposit, which would be used toward the downpayment at the time the sale actually goes through, but it protects you in case of any damage that might occur while you still own the property. You would charge a rental fee to the buyer for a fixed amount of time and then complete the sale at the end of that time. So you might give the buyer 2 years to rent at a fixed rental price with a pre-determined sales price. This would all be written into an agreement and a deposit of $5,000 or more would be held by you in escrow. There are more legal details, but this would give the buyer 2 years (or more) to clean up his credit and if he can not buy the house at the end of that time, he would have to move out and you could sell it to someone else.

I would be glad to help you explore this more, and talk with you in more detail about your plans. Just give me a call at 703-966-4463 and we can set up some time to discuss this in person.
Thank you, Ann
0 votes
Sha Hinnant, Agent, Fredericksburg, VA
Tue Dec 11, 2012
Okeita, it sounds like you need a professional to guide you through this. If you insist on taking on this task as a FSBO, at least talk to a reputable loan officer who can give the buyer and you some guidance. If you find the tasks too daunting after speaking with him or her, I would suggest you solicit the professional advice of a Realtor. Good luck!
0 votes
Faiza Alvi, Agent, Woodbridge, VA
Fri Nov 23, 2012
Dear Okeita:

Seems like there is more to the story. I would love to sit with you to understand your situation and guide you through the process which can save you a lot of time. I do not charge a retainer fee to my clients - commissions are only paid once the house is SOLD and go to settlement.
A lot of homeowner think they can make real estate decisions and can sell their house on their own in order to save money, I have seen many cases where homeowners end-up saving less trying to go into a transaction themselves. A professional can take the burden off of your shoulders and make the process stress-free, plus can target your real estate goals. I would highly recommend getting together with a Realtor and find the help you need.

Sincerely,
Faiza Alvi - Realtor®
Prince William Realty, Inc.
703-389-7973 (Direct)
703-580-9995 (Fax)
http://www.house2homeva.com
MILLION DOLLAR CLUB - PWAR 2011

I believe:
Real Estate is about building relationships
& serving clients with honesty, integrity & passion.
0 votes
Juan De Leon, Agent, Manassas, VA
Fri Nov 23, 2012
A real estate broker is going to charge you a fee, however can save you time, avoid costly mistakes and guide you over the process.
If you are a do it yourself person and want to save money, then you need to take the risk and the consequences that came with it. Good luck.
Juan C. De Leon
Usa Five Stars Real Estate
Tel 703-346-2021
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Nov 23, 2012
You sound like you are trying to do everything yourself:
Why don't you enlist the help of a Realtor?
How many years did it take to you to become proficient in your profession?
Are you ready to suffer the consequences of your mistrakes?
0 votes
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