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All Forum Posts by: Account Closed

Account Closed has started 9 posts and replied 12 times.

Foreclosures

Post: Hey BP,

Account ClosedPosted
  • Investor
  • Jefferson , NY
  • Posts 13
  • Votes 6
Write your post
0 Votes
Buying & Selling Real Estate

Post: Looking for finacing on an investment property in Upstate, NY

Account ClosedPosted
  • Investor
  • Jefferson , NY
  • Posts 13
  • Votes 6

Hey guys and gals. For the past week I have had my eye set on a rental property selling in my town. The deal was pretty much locked down for owner financing (so I thought) until this morning when the owners called and explained that they still have a mortgage on the property. I know this should have been one of the first things I asked, newb mistake.

Well this leads to my question; what can I do? The owners are willing to still potentially work with me on owner financing if they are protected. But neither party knows of any way around this without a traditional mortgage. I can't do a traditional mortgage right now because I don't have 25% + closing costs. 

Any guidance will be greatly appreciated.

Joe

0 Votes