No announcement yet.

How can I help buyer with bad credit

  • Filter
  • Time
  • Show
Clear All
new posts

  • How can I help buyer with bad credit

    I need help to structure a deal. The house is owned free and clear by seller. They are asking 65k with a market value of 85k.
    I would be willing to hold a second mortgage of 20k so that my buyer could get financing for the 65k however most of my retail buyers do not have the 640 credit score to qualify for the 65k mortgage.

    Surely there has got to be a way to create a deal out of this. The house is absolutely gorgeous except for half of the roof which would be 4k. Any ideas?
    Thanks guys

  • #2
    Find another buyer with a better credit or with a good amount of money to put down.



    • #3
      You should buy it owner financing from the seller over 20 years or so, no interest. Then you turn and sell it to your buyer owner financing for a shorter amount of time (6-10 years), with 10-15% down and a interest rate you feel is fair.