Buyers With a Good Down Payment and Good Income,
But Poor Credit
Dear Buyer with a good down payment and and good income but poor credit,
When you talk with most real estate agents, the first thing they will ask is whether you are pre-approved for a loan and for how much.
When you tell them that you are unable to qualify for financing – because of a recent bankruptcy, foreclosure, short sale, or a low credit score – they tell you to call back when you can get qualified.
I am not that kind of real estate agent. If you have a good down payment and good income, you can buy on a lease-option or wrap-around deed of trust basis.
Some sellers definitely want to be cashed out. Others do not want or need to be cashed out. They would like to carry a lease-option or a seller contract for several years. They will have a secure investment, a steady payment, and a much better interest rate than they can get at the bank. They will have an investment that will maintain its value and not drop in value like some stock.
Read more about lease-option deals here.
Read more about seller-financing in general here.
To set up a purchase like this, you need the help of an attorney. When you hire me as your buyer broker, I provide the attorney assistance for no extra charge as long as the assistance is related to the transaction we are working on.
Finding sellers willing to sell on contract can be a challenge, but it can be done. The Multiple Listing Service does not index for sellers who are willing to sell on a lease-option or a contract. So I encourage listing agents to contact me if they have such a seller.
If you want me to be your buyer broker, I ask that you sign a buyer broker agreement and that you agree that any property you may find you will buy through me as your buyer broker. I will stick with you if you will stick with me.
Don’t be shy about calling. I talk with buyers, seller, and brokers without charge to determine if I can be helpful. I can often quote a flat fee for my work.
I look forward to being of service to you.
James Robert Deal, Broker & Attorney
WSBA # 8103, DOL # 39666
James at James Deal dot com