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Updated almost 13 years ago,
Creative way around NOO 20% Down?
There is an off market 2 unit property in Chicago selling for 65K that appraises for around 140K. I have a NOO buyer for the property at the appraised price of 140K, but of course he has to come to the table with 20% down. Buyer is pre-approved for well over 140K from the bank because he has excellent credit, good income, with 6+ months reserves, <45 DTI, but does not have the 28K to get the deal done.
Is there a creative way for me to sell this thing to my buyer with him not having to come to the table with the 20%? My buyer's bank won't accept seller financing on a second to cover the 20%...
I have a source for the down payment, but the funds have to come from the borrower (my buyer). Not sure how to make money on this deal...