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I am being forced to move and have less than 30 days to do…

I am being forced to...
I am being forced to move and have less than 30 days to do it. I have been unable to locate an affordable property. I am wondering if anyone has information about purchasing a piece of property with a promissory note. Or an REO property? I am limited on funds and time and I do not want to get myself int another rental.
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Answered in 6 minutes by:
3/11/2018
legalgems
legalgems, attorney
Category: CA Real Estate
Satisfied Customers: 13,964
Experience: Just Answer consultant at Self employed
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Good Day!A few minutes please as I review your question so I can provide you with legal information. Thanks!

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If one wishes to purchase property with a promissory note they would need to locate a willing private lender as most commercial lenders require a down payment.

Buying REOs still require either cash or a loan:

https://www.fdic.gov/buying/owned/

One option is to buy a lease to own property so that rent payments are credited towards the purchase price.

Please see:

https://www.zillow.com/mortgage-learning/rent-to-own/

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Customer reply replied 5 months ago
Is a private lender the homeowner? and would you be able to do that with no cash deposit.

A private lender may be the owner of the house or it may be a third party.

Some lenders will lend with no down payment but that typically involves a higher interest rate.

legalgems
legalgems, attorney
Category: CA Real Estate
Satisfied Customers: 13,964
Experience: Just Answer consultant at Self employed
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