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  • September 30, 2009 at 9:23 AM #16425
    minden
    Participant

    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.

    Thanks in advance!

    September 30, 2009 at 9:49 AM #462238
    NotCranky
    Participant

    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.

    September 30, 2009 at 9:49 AM #462432
    NotCranky
    Participant

    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.

    September 30, 2009 at 9:49 AM #462776
    NotCranky
    Participant

    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.

    September 30, 2009 at 9:49 AM #462849
    NotCranky
    Participant

    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.

    September 30, 2009 at 9:49 AM #463055
    NotCranky
    Participant

    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.

    September 30, 2009 at 9:49 AM #462243
    creechrr
    Participant

    Run! Head for the hills and don’t look back!

    My interpretation:

    “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.”

    Come on, this has BS written all over it.

    September 30, 2009 at 9:49 AM #462437
    creechrr
    Participant

    Run! Head for the hills and don’t look back!

    My interpretation:

    “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.”

    Come on, this has BS written all over it.

    September 30, 2009 at 9:49 AM #462781
    creechrr
    Participant

    Run! Head for the hills and don’t look back!

    My interpretation:

    “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.”

    Come on, this has BS written all over it.

    September 30, 2009 at 9:49 AM #462854
    creechrr
    Participant

    Run! Head for the hills and don’t look back!

    My interpretation:

    “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.”

    Come on, this has BS written all over it.

    September 30, 2009 at 9:49 AM #463060
    creechrr
    Participant

    Run! Head for the hills and don’t look back!

    My interpretation:

    “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.”

    Come on, this has BS written all over it.

    September 30, 2009 at 1:46 PM #462353
    sdrealtor
    Participant

    This is what hard money is for.

    September 30, 2009 at 1:46 PM #462547
    sdrealtor
    Participant

    This is what hard money is for.

    September 30, 2009 at 1:46 PM #462891
    sdrealtor
    Participant

    This is what hard money is for.

    September 30, 2009 at 1:46 PM #462964
    sdrealtor
    Participant

    This is what hard money is for.

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