who wants to loan me money?

[glowbelly]

i need $1500 by tuesday. seriously. i want to buy my house.

[HickMan]

I have six I call the bathroom.

[glowbelly]

no

[FartinMowler]

Get a credit card.

[glowbelly]

give me yours

[HickMan]

I really don't have any money. But if I did, I think I desirve at least a closet.

[Studio8]

Whats your paypal address?

[glowbelly]

p0lymn1a@hotmail.com

i think.

[FS]

I just got a huge tax return which I'm pretty sure can't be right, and I'm still waiting for them to realize it.

If I help you, will you visit me in jail and bake me a cake with a file in it?

[EverythingWillSuck]

for sex yes

[Geggy]

too bad you blew it all away on the apartment rent

[Evil Robot]

What kind of house are you going to pay for with 1500 dollars? This don't sound right. Nobody "buys" a house for that amount of money.

[glowbelly]

it's a land contract. we need $1500 as a small down payment. the rent for the place will be $800 a month, with $200 of that (along with the initial $1500) going towards a down payment. we get a year to obtain traditional financing. with the $1500 and the extra $200 a month, we will have close to $4000 for the down payment. if we can't obtain traditional financing within that first year, we have a one year extension with the same terms. we can buy out the contract at any time during the first year without any penalties.

it's a damn good deal. the house is a duplex, and we already have someone willing to rent the upstairs. our rent will end up being only $460 a month.

it's so frustrating because it's ONLY $1500. i know to a lot of you that seems like a bunch of money, but it really isn't. i would ask my aunt, but i did the math, and over the course of 5 months, she has shelled out just over $10,000 to me to pay for my schooling and photographic equipment. i don't want to ask her for anymore.

so i have resorted to begging on i-mockery.

[Evil Robot]

Whats the name of the company that is granting a land contractract on a property that already has an occupied structure on it? These terms dont make any sense. Land contracts are rarely handed out on what sounds like an unsecured loan. A land contract is ussually only given to reputable contractors under speculation that a house will be worth more then the property it is built on, and I don't think your in any position to build a house.
Please tell me how you plan on getting financing as I'm working on getting a NYS real estate license but I've never heared of this combination of terms.

edit: what state are you in most importantly. You might be able to get a grant from the federal govt. for buying property if your agent knows what he/she is doing.

[glowbelly]

ohio.

we are friends with the current owners and they are looking to dump the property because it is costing them too much money.

the house needs a lot of work, but my boyfriend is a carpenter and can do most of it himself. we are going to try to obtain traditional financing asap, so we can do updates to the house that will increase the value of the home, while it's OURS, not THEIRS.

[Evil Robot]

OK, Ive seen many poeple in your position that "were freinds" with the seller. Judging by the fact that there is talk of a land grant involved tells me that the seller has not had an agent involved yet and they probably read one of those stupid "real estate for dummies" books. Problem being, your about to put a great deal of money into contract with someone who may or may not know what it takes to sell a house.
1) Just because you know the person does not place the terms of the contract in your favor.
2)They wan't you to find a financing company on your own. This is something that the agent should be doing for you since these companies will not (and have never) taken one time buyers seriously. You can expect to pay 2 to 5 percent more on your APR if there is no broker to negotiate for you. (Brokers know these people on a first name basis, you don't).
3) You are not getting a land grant. Theres a big difference between a mortage and a land grant. Land grants are based on the reputation of the company to be building the house. You are not a developer and you are not building the house.

The point I am trying to construe is that just because your landlord owns the place does not give them the ability to make a contract (that requires a lawyer to certify that the terms are legal).
From what Iv'e read is that your landlord wants you to start putting money into a down payment BEFORE you have an actual mortgage. The fact that you are freinds with your landlord indicates to me that they do not yet know that this is considered fraud (the down payment can only be decided by a financing corp.). You cannot make a down payment when the APR has not yet been established.



So, in conclusion, yer gonna get ripped off. Get a real estate agent NOW.

[glowbelly]

he IS a real estate agent

[Suck 'n' Fuck]

Whore yourself out to a thousand fat chicks for $15 each.

You could also whore yourself out to 15 really fat chicks for $1000 each.

What? Don't like at me like that.

[Evil Robot]

he IS a real estate agent

Then you should ak him why this is being considered a land grant. (Is this house shceduled for destruction!!!!????)

There is a chance that I may be wrong about this (not likely) but a land grant is a mortgage for speculation. (i.e. the house ain't built yet)
Please let me know if I'm wrong because that is a test question.

[glowbelly]

it's not a land grant, honeycakes. it's a land contract.

[glowbelly]

psst:

http://www.investorwords.com/2716/land_contract.html

[Evil Robot]

OK, I got he terminolgy wrong (I haven't got my license yet, OOPS!) But one thing I do know is that no real estate agent may sell property that that agent currently owns. This is a grave conflict of interest.
You should really consider consulting a third party agent to make sure that giving your agent a down payment in the form of a monthly payment is legal. I say this since in the event you cannot aquire a mortgage, you would want to get your down payment back. But since your living in the place at the same time, this down payment would be considered rent and non refundable.
Basicaly, you are trying to buy a house in the reverse order that most poeple would go about it and your leaving yourself open to loose a lot of money if you can't get financing (I doubt that but it's always a possibility). I just don't wan't to see you loose all the money you could have spent on a different house.

[glowbelly]

i hear ya, but we have 2 years to get the financing and i know that we'll get it.

so what about that $1500?

[Evil Robot]

so what about that $1500?

Obviously you never made a collect call...
1-800-COLLECT only costs a dollar for the first minute! Thats 1500 calls you can hang up on after 59 seconds and call again for another 1499 times!

[glowbelly]

ok shut up and give me your money