My name is Emeline, I just got started on Dean's book this week. I spoke to a RE this morning and he emailed me 7 pages of MLS homes. There is one home in particular that I like and I would like to keep it as a home because my family and I are in desparate need of a home. We have been living in a Motel since Oct because my husband is a carpenter and has been laid off since Sept 08. I started a new part-time job at a Community College and also expecting a child in June 09 but I would like to be a full-time RE investor someday.
I wanted to make offer in some of these homes but I would like to also find a good mortgage broker or someone with a private funding who have access to motivated buyer, so that I should be able to make some money.
But my first priority is the home that I wanted to keep. How can I buy it with a bad credit and be able to maintain the home and live in it. This particular home on the MLS has an asking price of $200K, it just listed on Mar 13, 2009. This is a 3 bedroom, 2 and 1/2 bath, 1700 sq feet with a 2 car garage. It is located in a nice neighborhood and this is one of the home that needed some cosmetic work. The comps in the area is range from $185K-$239K. I see a potential of making money in this home because my husband is a carpenter.
I also wanted to know if it is possible to make a contract and asked to access to the house. Have my husband do some work to raise the value of the house, look for a new bank to refinance the house and then use that money to close the house with and paid off the contract on the closing day? If I have up to 45 days to close the house. That way I should be able to live in the home.
Please help!! If it is possible with my situation to make an offer in the home now?
Emeline L. Faaumu-Niutei