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InvisibleshLong
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Buying a house/land contracts
    #14579564 - 06/08/11 12:33 PM (12 years, 8 months ago)

Any advice? I have $8500 cash, kinda shitty credit (mostly from 2003-2006) and the houses around here are listed pretty cheap.

How does someone go about getting a house w/o a mortgage?

Anybody here done it?

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InvisibleshLong
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Re: Buying a house/land contracts [Re: shLong]
    #14579586 - 06/08/11 12:36 PM (12 years, 8 months ago)

Oh...and I have income coming in, so I can also add to that $8500 too

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OfflineChronicSmoke
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Re: Buying a house/land contracts [Re: shLong]
    #14579617 - 06/08/11 12:42 PM (12 years, 8 months ago)

Maybe look for a rent to own?  I dont think they require a mortgage.


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This is a public computer, 1,000's of people use it everyday this isn't me typing this.  I dont even know how I got on this site, how the hell do I even work this computer.:wow: 


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InvisibleshLong
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Re: Buying a house/land contracts [Re: ChronicSmoke]
    #14579626 - 06/08/11 12:45 PM (12 years, 8 months ago)

From what I gather (and I may be way off) that's pretty much the same thing as a L.C....no?

For whatever it's worth im looking in the 30-70k range, which, around here, will get a 2-3 BR decent little house.

Location matters, because I dont wanna be any closer to our "hood"

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OfflineDave Bowman
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Re: Buying a house/land contracts [Re: shLong]
    #14579651 - 06/08/11 12:50 PM (12 years, 8 months ago)

The best thing you should do is speak with a Realtor in your area.
No joke.

You won't have to pay anything just to chat or discuss your options and they will know the best plan for what you are looking to do. 

And they don't just sell houses, my cousin just used one to find an apartment and it was completely free, because it was her client that was trying to lease the apartment.

I think you should call a Realtor specializing in your area and they'll have the best suggestions and ideas specific to your area and your situation.

Good luck!

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InvisibleshLong
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Re: Buying a house/land contracts [Re: Dave Bowman]
    #14579733 - 06/08/11 01:08 PM (12 years, 8 months ago)

I figured they wouldn't be interested because they wouldn't be making any money off that type of deal...but, I suppose it won't hurt to try.

I just really want a place that I can do whatever the fuck I please with.....with no threat of being bothered. My landlord now is cool, but it just aint the same.

I really hope it doesn't end up costing more than $600 month for that price range..

Got a lot of learning to do

Thanks for the tips, guys

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InvisibleZippoZM
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Re: Buying a house/land contracts [Re: shLong]
    #14580111 - 06/08/11 02:32 PM (12 years, 8 months ago)

yeah, you cant buy a house for that outright, unless its a TOTAL dump. For example there are burned out houses in Detroit that you can buy for $100....

but with that sort of money, you could be looking at a rent to own situation. with a large amount of houses on the market, and many of them being owner occupied, you can always cut a deal wtih them, and relators can help you find those people.

these are the days for wheeling and dealing.

but whatever you do, make sure that before you sign anything, or buy anything that you consult a lawyer, you can get REALLLLY screwed if you dont do your homework.


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PEACE

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"in times of widespread chaos and confusion, it has been the duty of more advanced human beings - artists, scientists, clowns, and philosophers - to create order. In such times as ours however, when there is too much order, too much m management, too much programming and control, it becomes the duty of superior men and women and women to fling their favorite monkey wrenches into the machinery. To relieve the repression of the human spirit, they must sow doubt and disruption"

"People do it every day, they talk to themselves ... they see themselves as they'd like to be, they don't have the courage you have, to just run with it."

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InvisibleshLong
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Re: Buying a house/land contracts [Re: ZippoZ]
    #14580150 - 06/08/11 02:40 PM (12 years, 8 months ago)

Quote:

ZippoZ said:


but whatever you do, make sure that before you sign anything, or buy anything that you consult a lawyer, you can get REALLLLY screwed if you dont do your homework.



When it comes to a RtO/LC situation?

and :lol: at buying a house for $8500...Im trying to have company over, man, lol

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InvisibleZippoZM
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Re: Buying a house/land contracts [Re: shLong]
    #14581777 - 06/08/11 08:38 PM (12 years, 8 months ago)

i actually bought a house for $8,000 once, it was a wreck, but i bought it outright. managed to fix it up over the last few years, and now, its REALLY nice :smile:

but yeah, when i was trying to sell it, i had a relator who was instructed to advertise that i was willing to do a contract for deed, or rent to own. brought me a few interested parties, but none of them had enough to put down for me, or enough 'credibility'.


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PEACE

:mushroom2:zippoz:mushroom2:



"in times of widespread chaos and confusion, it has been the duty of more advanced human beings - artists, scientists, clowns, and philosophers - to create order. In such times as ours however, when there is too much order, too much m management, too much programming and control, it becomes the duty of superior men and women and women to fling their favorite monkey wrenches into the machinery. To relieve the repression of the human spirit, they must sow doubt and disruption"

"People do it every day, they talk to themselves ... they see themselves as they'd like to be, they don't have the courage you have, to just run with it."

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InvisibleshLong
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Re: Buying a house/land contracts [Re: ZippoZ]
    #14583611 - 06/09/11 06:24 AM (12 years, 8 months ago)

Looks like I have my work cut out for me then.

If I do something like this, is it worth it to clean up my credit? Or let it dissolve 7 years after the red mark? Which is all within the next 2 years....

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InvisibleZippoZM
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Re: Buying a house/land contracts [Re: shLong]
    #14584798 - 06/09/11 10:47 AM (12 years, 8 months ago)

if you are going to go for a contract for deed, or  rent to own, more often than not you will be dealing with a home owner (who is somewhat desperate) directly. in that situation, where you arent going for traditional finance, credit scores dont matter.


--------------------
PEACE

:mushroom2:zippoz:mushroom2:



"in times of widespread chaos and confusion, it has been the duty of more advanced human beings - artists, scientists, clowns, and philosophers - to create order. In such times as ours however, when there is too much order, too much m management, too much programming and control, it becomes the duty of superior men and women and women to fling their favorite monkey wrenches into the machinery. To relieve the repression of the human spirit, they must sow doubt and disruption"

"People do it every day, they talk to themselves ... they see themselves as they'd like to be, they don't have the courage you have, to just run with it."

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InvisibleshLong
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Re: Buying a house/land contracts [Re: ZippoZ]
    #14585192 - 06/09/11 11:59 AM (12 years, 8 months ago)

Cool, I was more worried about them coming after me for the house or whatever (im not very experienced in this dept)

total owed is like $4000, but its 90% medical from 2004 I think...


guess we'll see

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InvisibleZippoZM
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Re: Buying a house/land contracts [Re: shLong]
    #14585682 - 06/09/11 01:51 PM (12 years, 8 months ago)

usually debt like that will catch up to you with wage garnishments before they even think of trying to acquire your assets....


--------------------
PEACE

:mushroom2:zippoz:mushroom2:



"in times of widespread chaos and confusion, it has been the duty of more advanced human beings - artists, scientists, clowns, and philosophers - to create order. In such times as ours however, when there is too much order, too much m management, too much programming and control, it becomes the duty of superior men and women and women to fling their favorite monkey wrenches into the machinery. To relieve the repression of the human spirit, they must sow doubt and disruption"

"People do it every day, they talk to themselves ... they see themselves as they'd like to be, they don't have the courage you have, to just run with it."

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InvisibleshLong
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Re: Buying a house/land contracts [Re: ZippoZ]
    #14585692 - 06/09/11 01:52 PM (12 years, 8 months ago)

Im not gonna jinx myself any further...subject closed :awethumb:


Think im gonna talk to a realtor and see what they have to say

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InvisibleStonehenge
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Re: Buying a house/land contracts [Re: shLong]
    #14596673 - 06/11/11 03:54 PM (12 years, 8 months ago)

I bought my first house for about 2,300 down. That was a few years ago when there were still a few assumable mortgages to be found. Today, you want to find a seller who is very motivated. There are lots of them out there. There are people who are behind on their mortgages and want you to take it over, there are people who have to move and no one is making an offer.

The people who can't keep up payments might have no equity at all. If you say you will take over payments they might go for that. It depends on the bank, if the owners are behind and it looks like another foreclosure they might do it even with poor credit on your part. If you offered to pay the back payments, that might look enticing. They can foreclose which means they lose money or take a new mortgage holder with not so good credit but who shows the ability to pay. Be careful because if they owe way more than the house is worth, you will be getting screwed.

If you and the seller agree on how much equity they have in the house, you could either give them the equity and take over payments or make mortgage payments plus monthly payments to them for the equity.

Another option, and this may not be strictly legal so be careful, is this. Tell them you will take over payments, do not go through the bank, and just send in money orders each month for the mortgage. You will have to catch up back dues but i've heard about this being done and i think it's legal in some states. If the bank finds out they may do nothing. They are getting their money so what the heck. The worst that could happen is they refuse your payments and start foreclosure. They will have to foreclose on the original borrowers since you are not on the dotted line. You will at least get a few months to a year of living there before you actually have to move out. By legal i mean you can't force them to accept the deal, not that they will lock you up for doing it. Make the payments and they have no reason to snoop around.


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“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)

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OfflineHotnuts
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Re: Buying a house/land contracts [Re: Stonehenge]
    #14596753 - 06/11/11 04:15 PM (12 years, 8 months ago)

I have a friend that's in the business of the writing of mortgages and he says it's still easy as pie to get FHA mortgages w/3% down and a combined credit score of 620. 620's low! You'd be surprised at how high your credit score is, among all 3 reporting agencies. When I was addicted to cocaine and pretty much cared less about any bill period, it shocked me to see that my lowest score was 626. It's worth looking into! And take your time. They're trying to move some houses right now and you could damn well take advantage of this mess of a housing market through FHA. With 8,500 down, your payments on a home under 100k, would be squat. Good luck!

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InvisibleshLong
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Re: Buying a house/land contracts [Re: Hotnuts]
    #14596759 - 06/11/11 04:17 PM (12 years, 8 months ago)

Thanks guys

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