Saturday, November 14, 2009

BOUGHT A SHORT SALE $50K UNDER MARKET VALUE!!!

We found Bill a great home that was offered as a short sale. The asking price was 50k under market value. When Bill came to us, his credit score was in the mid 500's and he did not qualify for a mortgage yet. With our lease purchase program he was planning on putting 20% down and we were going to purchase the property for him and carry the mortgage until we got Bill mortgage ready.

Because we had an offer placed on a short sale, it gave us about 4 months to work on Bill's credit. He enrolled in our "Mortgage Ready Program" and by the time the bank accepted his offer, we raised his credit scores to 655 and was able to go ZERO DOWN!!

So Bill not only got a great deal on his home but he also saved over $54,000.00 from coming to the table with.