Financing and Credit

I have a coworker who put in an offer on a house about 30 days ago. We are located in the Portland Oregon area. He told his realtor what he wanted to do and his realtor accepted and signed off on it. The realtor then submitted the offer to the home owner who excepted the offer within 30 min. They did what they needed to do and now 30 days later they still have not closed and he does not have any information on what, when or why it is being held up. He is afraid that they are holding it up again to avoid the 4.8% interest rate that he was told he would get.

First off like most people on here lol my credit is garbage, if I purchase a house how hard would it be to refi it?

ALSO

I was thinking of getting a friend to sign a quitclaim deed to put her on the title (am I doing this right?) then once shes on the house and refi's it (shes got excellent credit) I was going to sign another quitclaim releasing her from the title... is this possible? I don't want to anything illegal.

Is there another was to do this easier?

Interesting article on option arms.

These exotic mortgages allowed homebuyers to come to closing with little cash and choose, monthly, how much to pay: interest and principal, interest only, or a minimum amount less than the interest due.

Of course, the last option is the one 93% of option-ARM buyers selected, according to a new report released this week by Standard & Poors.

But eventually, everyone has to pay the piper.

This was a long time in the process, but now that my team has done several, we have it down pat. The key is to finding and forming relationships with your key players, and the rest is just tweaking. Oh, and obviously finding great deals is part of the formula.

(I might be adding to or updating this outline as I have time or get questions)

One way to get rentals in your hands with NoMoneyDown!

1. Find a lender that will do refis without seasoning. (try the small local banks first!)

Posting some questions on Owner Financing. Please help!

1. If the owner does FULL seller financing and seller has a mortgage what happens?

2. Are the original mortgage terms passed on to the BUYER?

3. Is the owner expected to INPUT SOME INTEREST on top of the existing mortgage terms?

2. HOw does the flow of money (monthly mortgage payment) work?

3. What is the best exit strategy for owner financing?

I am 21 and i have no credit, and no money to invest. I am a very hard worker and I always get the job done. How does someone in my shoes get started? I am willing to do whatever it takes to see this thing through i have always loved realestate and i have read dean's book "Become a Realestate Millionare" I just need a direction to start running in. any help or suggestions would be greatly appreciated

I stumbled on a link to Wendy Patton's website from one of Anitarny's post(sorry if I spelled it wrong). I went to the website because I was trying to get more info on lease options/lease purchase. And I see that she lends money to investors. Has anyone tried using her as a HML? What was your experience? How high were the fee's?

If you have not used her service.... Has anyone one used a sevice similar to hers.

When getting a bank loan, do they give you approx. 80% of the appraised value of the house, or 80% of the price you are going to pay?

-TJR

Does anyone know of any private lenders here in Jersey?

Please message me so we can talk.

Thank you
John

I am interested in buying a few properties. I have some money for a down payment, as well as good credit. Banks wont give out mortgage rates without checking your credit. I want the best rate, so I want to get rates from many different banks but it would be detrimental to my credit score to have my credit checked ten plus times. Is there any way I can avoid this and just have my credit checked once then submit that to each bank?