For borrowers or investors interested in properties that sellers will not carry or without an assumable loan or accessible reserves, my suggestions would be to try and secure a seller concession towards closings costs or an interest rate buy-down.

As an update though, we did move ahead and were able to secure a 1X close construction loan that automatically converts to a 30-year fixed rate. 

@John Williams politicians at all levels of government are taking away landlord property rights to protect slum-tenants.We'll soon be like Ontario, Canada where they can't charge application fees or security deposits and it takes 12 months to evict a tenant.Unfortunately, landlords are too cheap to make political donations to stop the madness:(

Umpqua Bank:Seattle Credit Union:Keybank:Bank of the West:Banner Bank:BECU:First Tech Credit Union:PenFed Credit Union:OBee Credit Union:First Security Bank of WAFigure:

We have ended up being the latter a couple of times in 7 years because we started off trying to be helpful, but have put policies in place to avoid it:Our rule of thumb is that you can’t be behind by more than your security deposit.  

She now has a stable job with the city and offered to pay double the security deposit if I would consider their application.

In most cases they will try and help where they can.Not saying this is right or wrong but I had a similar situation with a property and after getting past the underwriting and securing it I went to the city (Atlanta) and said I just acquired the property, realized it was a quad that was converted from a duplex sometime in the distant past but the building was still zoned as a duplex and wanted to go through the process of having it moved to a quad.

Pros:Potential for Bargains: Auctions can offer properties at lower prices than traditional listings.Speed: The auction process is usually quicker than traditional sales, with a defined timeline for closing.Transparency: The bidding process is transparent, and you can see competing bids in real-time.Cons:As-Is Condition: Properties are often sold "as-is," meaning no repairs or warranties.Limited Inspection: There may be limited opportunities to inspect the property before bidding.Financing Challenges: Securing financing for auction properties can be more challenging and may require quick approval.Auction Fees: Be aware of any additional fees, such as a buyer's premium, that could affect the total cost.I hope this helps you out!

It's just not that easy and the 9-5 is the security you need to invest and keep investing.

Leveraging Karen's local market expertise, we secured the property for $20,000.