Thread: Urgent help please!!

Hi Shalo,

I can just about assure you that this person will not be able to get any kind of loan for the next couple of years if he had a foreclosure a year ago.

I would be very cautious and suggest that you either let a competent Realtor handle the sale of your house for you or at least get an attorney to help you. Writing a lease purchase with no experience could hurt you in the long run.

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Lots of common sense from Tony. I second him.
How can someone be qualified for a mortgage when banks will see the foreclosure on his/her credit? His/her credit is most probably ruined at this time and for another few years...

Thank you Tony and Cody.
So what you are saying is even he brings the pre-qualification letter ,it does not mean he can get a loan??

I think getting a realtor would be best to cover those stuff IMO

Originally Posted by shalo

Thank you Tony and Cody.
So what you are saying is even he brings the pre-qualification letter ,it does not mean he can get a loan??

Everybody can get a pre-qualification letter.
Ask for a pre-approval letter signed by a mortgage broker with his/her phone number on it where you can call to confirm...

Originally Posted by shalo

We have this buyer willing to lease purchase our house ,I told him i will need $10,000 cashiers check (non-refundable if he did not purchase the house) and letter of pre-qualification stating he will be qualify for the amount of the loan after 4 months( the lease term is 4 months).
what else do you think I should add to my list??
He had a foreclosed house last May.
I am moving out of state.
Thank you for your help..

Do whatever you need to Shalo! I had something like that happen to me! Don't let something bad happen to you while you can prevent it. But like someone else said, have a lawyer approve your paper work before you do anything...other wise you could be paying for it later. If he had a foreclosure in May, that would raise a red flag automatically!!

-Ian