OfflineI have spoken with a seller who has a 2,650 sq. ft. with 4br-2ba home with a 2 car garage that zillow says has a value of $260,000.
The bank has said that they will do a short sale for $220,000. Comps in the area are around $200,000.
I have someone who will buy the home on an owner finance for $265.000. The buyer only wants to pay $1,500/mo but is willing to put $35,000 down but they want to put the $35,000 in escrow for 2 years and then re-finance it with a conventional loan.
I have no verifiable income but my credit score is just below 800. I am thinking that I will have a difficult time getting a conventional loan.
Has anyone found a lender who would do 100% financing based on a single family home if you can show that you have a tenant under contract and that contract will cover the PITI on a monthly basis?
I would appreciate any feedback that anyone might want to share.
I was in such a hurry to post this that I left out that I know that the $220,000 short sale that the bank wants to do is unrealistic for me. I was thinking more along the lines of offering $169,000, which is approximately 35% below what zillow says it is valued at.
Hi Patrick,
My thoughts are to go in lower. Banks are desparate now. You should make sure you have a good negotiating level. It's hard to offer down than up. Offering right where you want be 35%, gives you no where to go but up with an counter offer. There is that chance they could say yes to your lower offer! Much success..........Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"