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I'm not sure if this is the right place to post this , it's not spam or anything ...I just wanted to recommend a forum member and mortgage broker for his low credit score/credit building mortgages.

Scott Miller has been working with my fiance and I to complete a loan on a property and I just want to say he has been EXCELLENT in helping us. I've e-mailed him back and forth dozens of times with various questions and he gives me quick, straight forward responses with no BS.

Scott, just wanted to thank you in public for all of the work you've been doing, great job and we're really happy with everything you've done to help

Heres a link to his site

http://badcreditmortgagemakeover.com/

Thanks again Scott :D

ahh thanks brutha, i'll have to have a look at that....guess I actually have to walk into a walmart :protest:

i never thought about closing costs till I was discussing the property I wanted for my own house and the realtor asked about how I planned on working out closing cost and I was like ummm, uhhhh...

I'm trying to get over the fear of the unknown and just drop a bunch of offfers on some condo/townhouses in my neighborhood. I forsee a big demand for rental units looming on the horizon

why not try and sell the them for slightly under market value, chock it up to lesson learned and cut your losses? seems even to a noob like me that -$4500 a month is NOT a good situation to be in and the longer you hold the bigger your downward spiral and the harder it is going to be for you to undo the credit damage and trust me, thrashed credit is no fun.

you dont wanna end up like Casey Serin [link removed]

something I hadn't thought of but I'm assuming when you negotiate a contract you have to work in closing costs details. how is it normally done on property you are going to assign? buyer pays all closing costs? I haven't done any contracts but I would hate to do one and then have it fall through because i overlooked the closing details

nah, no joke man ....I'm just havin issues gettin financed now. our credit sucks and i'm workin on fixin it. I have 2 fallback plans
first, my gf's bro in law has a fencing business and needs a place to put a dumpster for his stuff, this place is 3.5 acres zoned agricultural.
he has excellent credit so i proposed a deal, he co-signs for us till we can refinance and he will have a space for his dumpster, not like it's trash, just pressure treated lumber. the house needs new decking so I may end up with free lumber. :beer:

plan c..... I'm going to see if the seller might go for a lease/purchase contract. 6month lease, purchase at the end of the lease for a set price - lease payments. that could buy me 6 months for my gf to get some payroll history from her new job and get our credit fixed up and would also get him out of the mortgage payment. win-win situation if he goes for it. my only concern about that is the divorce issue.

so we'll see what i can work out, gotta get creative

thanks for the info, guess it cant hurt to try.

I found a 2/2bath townhome down the street from me, I know the bank has filed lis pendence on it 4/9/07. the orig mortgage was $102k in 2005 it's listed witha realtor for $114,900 dropped from $119k.

Comps are going for $120k, theres at least 5-6 in this same small area for sale so should I make an offere of $84k and wait to see if they get desperate?

I havent been inside, just seen pics if it does needs repairs I think they should be minimal.

i went and did a detailed inspection of the place and I told the realtor I would offer $140k

i can pm you some pics and you can see what i'm lookin at

Funny thing, I went to look at a home today not an investment but one I want for our personal home. So the seller shows up and tells me, he and his wife just separated, she just moved out.

meanwhile her family is living there and not contributing to the bills, he is stuck with the house which he isnt even living in. he's like "i am VERY motivated, I used to be a truck driver, my company was sold and now I have a new job but make less money." so we walk around the place and he says "hey, how ya like that husky riding mower?, i'll throw that in too"

we walk some more and he says "hey, you like to BBQ? see this smoker/BBQ? (it was HUGE and solid steel) he says "i built it, i'll throw that in too...it was going to go on a trailer but i never got that far"

so we look around more and he says "we have a rainsoft water system, and a 3500 watt generator, i'll give ya those too" . a few minutes later he says "hey, you like dogs? because you see my white dog? he needs a home, i'll throw in the dog too" then he says "yeh the ex wife has my car right now, i'm driving that ford ranger pickup with no a/c....hell i'll throw in the truck too cause i need out of this place" :lol:

all i can say is wow, i think i have some room to negotiate. so I'm going to make an offer on the place, we like it alot.

I took r2d246's letter of intest post and used it to create my own letter of intent. pretty simple, just to make an offer on a property. does that work and will it CYA in case you cant find a buyer?

LETTER OF INTENT TO PURCHASE

Date: April 22, 2007

To: xxxxx xxxxxx
From: xxxxxxxx xxxxxxxxxxx

Re: residential property located at: xxxxxx xxxxxx, xxxxxxx, xx xxxxx

The following sets out the basic terms upon which we would be prepared to purchase the Property. The terms are not comprehensive and we expect that additional terms [including reasonable warranties and representation,] will be incorporated into a formal agreement (the “Agreement”) to be negotiated. The basic terms are as follows:

1. Purchaser: xxxxxxxxxx xxxxxxxxxxx and/or assigns

2. Vendor: Current owner of the Property represented by realtor: xxxx xxxxxx

3. Property: xxxxxxxxx , xxxxxx, xx xxxxxx , free and clear of all liens, charges and encumbrances at Closing, except: [e.g. those recorded on title to the Property as at the date hereof, with the exception of the Vendor’s mortgage(s)].

4. Purchase Offer:

New first mortgage (or possible option of assumption)

Second mortgage

Initial Deposit

Additional Deposit following condition removal

Balance

5. Deposit: Upon execution of the Agreement, the Purchaser will deposit the amount of which will be fully refundable if the Conditions Precedent are not satisfied or waived in writing by the Purchaser. Otherwise, the Deposit will be applied to the Purchase Price at Closing. If the Purchaser defaults at closing, the Deposit will be retained by the Vendor as it’s sole remedy.

6. Conditions Precedent: The obligation of the Purchaser to purchase the Property will be subject to satisfaction or written waiver by the Purchaser of the following conditions within 60 days after execution and delivery of the Agreement.

Review and approval of the documentation concerning the property;

Completion of satisfactory physical and environmental inspections of the Property; including suite inspections.

Completion of satisfactory due diligence search and examinations;

Satisfactory review of the title of the Property;

Satisfactory first mortgage financing being arranged for the purchase of the Property; and/or
Satisfactory second mortgage being provided by the Vendor for the purchase of the Property;

7. Additional Items: This letter of intent hereby states the major terms of the agreement that the Purchaser would be prepared to move forward with. This letter of intent is in no way a legally binding agreement between the Purchaser and the Vendor.

Sincerely,

_____________________________________

_____________________________________

The above terms are accepted this ___________ Day of _______________, 2007

_____________________________________

Phone: (xxx) xxx-xxxx
Cell: (xxx)
Fax: (
Email: