What is the best way to buy a fixer-upper house with only a little money down?
I have moved to an area with expensive real estate, but I still want to buy a little house (run down) that I can fix up and live in. I have $20K for a down payment, but lousy credit. Has anyone ever done a deal like this, maybe with owner financing or with some sort of agreement to share proceeds upon resale?
look into a lender that can do a 203K Loan. It is a special loan that will allow you to get money back based on the estimated appraised value of the improved property. Catch is that you have to use contractors to do the majority of the work and get etimates from them before closing.
You need to work with a real estate agent that understands these types of loans which can be difficult to find. Interview them. If they don’t know 203K programs– keep looking. If you are in the Kansas City area I can help otherwise I may be able to provide a reference to a good agent throughout the U.S. My website is www.newhomerealtyofkc.com.
**addition*** Note to other writer. Realtors don’t hate Owner financing beause we are afraid of getting paid on them. We are paid on the HUD1 which would still be there. Owner Financing is extremely risky to all, both buyer and seller. I would only think of it as a possibility if the seller has a lot of assests and can aford to take that large of a risk. That is not that many people. For the typical seller, a owner financing deal would not be within their best interest.
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