Profile picture for NeedAChance

Does anyone know of an investor that would work with someone on a home loan, foreclosure/shortsale

I am looking for an investor that would like to work with me on a $250k loan (or so) to purchase a foreclosed or short sale home.  I'm looking at a 20 year bi-weekly payment schedule with no prepayment penalty.
  • September 04 2011 - Corona
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Answers (9)

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  • September 29 2012
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If you have something to offer the investors, they will be happy to entertain your offer.

Typically, investors don't want to tie up $250K in one asset.

Good luck.

  • September 11 2011
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Hi NeedAChance,

Investors are called "investors" because they are looking for return/ profit on money they are loaning you... if there's nothing in it for them to gain... chances are very slim for them to invest with you. 

You might want to search for properties labeled "rent to own", or homepath properties in which they offer to pay 3% towards closing.  There are lending programs which offer grants depending on your income, millitary personel's have the benifit of VA loans with 0 down. There are a lot of options out there... but you do need good credit, cash, income and etc.

I suggest renting a property on a low budget to save up for your home ownership goal. 


-S
  • September 06 2011
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Thanks for the input, it is appreciated.
  • September 05 2011
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Profile picture for wetdawgs
So, essentially what you are telling us is that you wish a 0% down loan.   Hard money lenders like you to have some of your own money in the game.

I would rent and rebuild the ability to get a traditional loan.   I'm sorry to hear of the difficult situation you have been suffering through.
  • September 04 2011
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Profile picture for NeedAChance
I was not planning on anything down. My thoughts were either the investor purchases the home outright and I repay him or her or I have the home in my name with a lien on the home to secure the debt. Unfortunately I had purchased a new home that the builders flooded just before closing and it eventually ended up with mold in our home. The insurance company denied the claim due to an existing issue. My wife's health was more important than my credit, she has become ill due to the mold.
  • September 04 2011
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How much are you planning to put down?  
  • September 04 2011
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There are several 'hard money' lenders that can work with you.  But if you're looking for an indivdual investor, you may want to find alternative methods.  There are other companies that have a group of investors, but I believe there's a membership fee.

I personally invest in properties, but not over $100k.
  • September 04 2011
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Profile picture for shapiroamg

Why cant you get a traditional mortgage?

  • September 04 2011
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