Killer Deal? Feedback Needed.

Killer Deal? Feedback Needed.

I have spoken with a seller who has a 2,650 sq. ft. with 4br-2ba home with a 2 car garage that zillow says has a value of $260,000.

The bank has said that they will do a short sale for $220,000. Comps in the area are around $200,000.

I have someone who will buy the home on an owner finance for $265.000. The buyer only wants to pay $1,500/mo but is willing to put $35,000 down but they want to put the $35,000 in escrow for 2 years and then re-finance it with a conventional loan.

I have no verifiable income but my credit score is just below 800. I am thinking that I will have a difficult time getting a conventional loan.

Has anyone found a lender who would do 100% financing based on a single family home if you can show that you have a tenant under contract and that contract will cover the PITI on a monthly basis?

I would appreciate any feedback that anyone might want to share.


More thoughts on this deal.

I was in such a hurry to post this that I left out that I know that the $220,000 short sale that the bank wants to do is unrealistic for me. I was thinking more along the lines of offering $169,000, which is approximately 35% below what zillow says it is valued at.


Hi Patrick,
My thoughts are to go in lower. Banks are desparate now. You should make sure you have a good negotiating level. It's hard to offer down than up. Offering right where you want be 35%, gives you no where to go but up with an counter offer. There is that chance they could say yes to your lower offer! Much success..........Lubertha