My lawyer came to me about a deal I might be interested in. A client of his has a property that they want in my area that is a foreclosed property. It's selling for 69k with a market value of 168k. The client's credit is bad due to medical illness and does not have a job because of the illness and has 5 more months of unemployment. She's leaving her previous home because a development company bought multiple homes and her home is one of them. They agreed to give them 30k towards the foreclosed home if they found their own financing. That's when my lawyer approached me. The client can make a large down payment (possibly as much as 50%) and would prefer to pay higher initial fees/costs and interest because of their credit problem and job situation.
My question is how can I help these folks get this home despite their credit problem and how can I approach a potential buyer about this.
Thanks to anybody that can help--jason
"I used to say, "Things cost too much." Then my teacher straightened me out on that by saying, "The problem isn't that things cost too much. The problem is that you can't afford it." That's when I finally understand that the problem wasn't "it" - the problem was "ME!"--Jim Rohn