- Joined
- Aug 30, 2007
- Messages
- 235
Hi all,
I have a house. I have a buyer. I want to sell my house to this buyer. The buyer does not have enough for a downpayment on the house but has been pre-approved by a mortgage broker and qualifies to purchase my house. The buyer has exhausted all possible avenues/sources looking for a downpayment (ie. family, friends). The house is priced at 320k and they qualify for this mortgage with a 5% downpayment...so the magic number is 16k.
Aside from financing the down-payment (which I think is illegal anyway) is there any way to still sell this property to the buyer? I would prefer a conventional purchase as I need to untie this property to get into another.
Any suggestions would be much appreciated...
Thanks in advance!!!
Lucas
I have a house. I have a buyer. I want to sell my house to this buyer. The buyer does not have enough for a downpayment on the house but has been pre-approved by a mortgage broker and qualifies to purchase my house. The buyer has exhausted all possible avenues/sources looking for a downpayment (ie. family, friends). The house is priced at 320k and they qualify for this mortgage with a 5% downpayment...so the magic number is 16k.
Aside from financing the down-payment (which I think is illegal anyway) is there any way to still sell this property to the buyer? I would prefer a conventional purchase as I need to untie this property to get into another.
Any suggestions would be much appreciated...
Thanks in advance!!!
Lucas