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Financing in Westerville : Real Estate Advice

  • All77
  • Local Info8
  • Home Buying20
  • Home Selling3
  • Market Conditions2

Activity 4
Thu Aug 3, 2017
Trust242loanfirm asked:
Fri Oct 24, 2014
Sally Grenier answered:
Trulia is not a real estate company, nor is it a lender or a bank. If you're interested in buying a home, you'll need to 1) Find a local lender and get pre-approved; and 2) Find a local Realtor who can help you find homes that fall under your search criteria.

You can ask around to friends, family or co-workers if they can recommend any lenders to Realtors in your area. Or, you can search here on Trulia under "Find an Agent".

Good luck!
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Tue May 28, 2013
Matt Helpling answered:
it is all dependent on how "poor" of a credit score you currently have and the factors that have resulted in harming your credit score. Compensating factors can be taken into account. I do have lenders that will finance down to a 580 credit score. For more information feel free to contact me!

Matt Helpling
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Thu Mar 11, 2010
Hannah Fliegel answered:
Hi Ed,

We do these transactions all the time. Your capital investors are acting just as a bank would. They have the first lien on the property. You sign a promissory note and the mortgage goes in your name. There money is paid to the previous owner of the property. As for the rehab funds, these can be held in escrow for rehab costs and you can allow "draws" or you can do a rehab "note" however you like.

You can close this entire transaction through a title company, you do not need a Realtor as mentioned below, as this will cause additional costs. If you would like to have your attorney look it over then that is something that you might consider so everyone is protected.

This is a very basic transaction. You might consider one investor put up the funds to purchase the property and the other investor to put up funds for the rehab costs. Sounds like you are providing the sweat equity and when you rehab and sell you then distribute profits per your agreement. Good luck!

Hannah Fliegel
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