Just saw this on CL. Is this sort of thing common? Or disaster?
MessageL:
I am in an intersting situation, and I am looking for a possible investor to assist, and make a quick return in the process.
I am looking to buy a home for my family. My income and credit is very good and fully verifiable. But because I do not have a huge cash down payment, I am approved for an FHA loan, rather than a traditional one.
This obviously puts me at a disatvantage when it comes to buying bank-owned homes with very specific criteria for purchase. Many/most will simply not accept FHA loans.
That said, I have found the perfect home for us- but it is bank owned, and they require a significant down in order to purchase. I am now interested in working out the following deal:
You purchase the home with your existing capital. You then sell it to me via traditional means at a premium that you and I will contractually agree to. You make a quick return on your otherwise idle cash, and my family gets our dream home!
Forgive me if this sounds overly optimistic…I am not a financial or RE professional, but I am savvy enough to not get involved with anything shady, so scammers need not apply.
Might be innocent enough but I don’t think anyone would touch it. How is an investor goint to be sure that the person(with no down payment) comes back and buys the property with an FHA loan? Why is FHA going to appraise it for more than the investor pays? It is potentially very expensive if it doesn’t work out and very likely not to.
Might be innocent enough but I don’t think anyone would touch it. How is an investor goint to be sure that the person(with no down payment) comes back and buys the property with an FHA loan? Why is FHA going to appraise it for more than the investor pays? It is potentially very expensive if it doesn’t work out and very likely not to.
Might be innocent enough but I don’t think anyone would touch it. How is an investor goint to be sure that the person(with no down payment) comes back and buys the property with an FHA loan? Why is FHA going to appraise it for more than the investor pays? It is potentially very expensive if it doesn’t work out and very likely not to.
Might be innocent enough but I don’t think anyone would touch it. How is an investor goint to be sure that the person(with no down payment) comes back and buys the property with an FHA loan? Why is FHA going to appraise it for more than the investor pays? It is potentially very expensive if it doesn’t work out and very likely not to.
Might be innocent enough but I don’t think anyone would touch it. How is an investor goint to be sure that the person(with no down payment) comes back and buys the property with an FHA loan? Why is FHA going to appraise it for more than the investor pays? It is potentially very expensive if it doesn’t work out and very likely not to.
“I don’t have enough money to qualify to purchase my dream home. I’m looking for some sucker to risk his assets by purchasing this home. I will then magically have the finanical resources to make the purchase while bestowing a sizable profit to the kind hearted soul.”
“I don’t have enough money to qualify to purchase my dream home. I’m looking for some sucker to risk his assets by purchasing this home. I will then magically have the finanical resources to make the purchase while bestowing a sizable profit to the kind hearted soul.”
“I don’t have enough money to qualify to purchase my dream home. I’m looking for some sucker to risk his assets by purchasing this home. I will then magically have the finanical resources to make the purchase while bestowing a sizable profit to the kind hearted soul.”
“I don’t have enough money to qualify to purchase my dream home. I’m looking for some sucker to risk his assets by purchasing this home. I will then magically have the finanical resources to make the purchase while bestowing a sizable profit to the kind hearted soul.”
“I don’t have enough money to qualify to purchase my dream home. I’m looking for some sucker to risk his assets by purchasing this home. I will then magically have the finanical resources to make the purchase while bestowing a sizable profit to the kind hearted soul.”
