How to buy a house with a bad credit rating is not as hard as most people think. If you think that you need a lot of money to buy a house with bad credit, you are wrong. You can always use zero money down methods to buy a house with bad credit, and you can use the house to live in, or for commercial use. Let me walk you through some of these basic steps to this method.
What are you going to need to buy a house zero money down? I am going to explain this all as if you know nothing about this, nor do you have any prior knowledge, EASY!
First of all you will need to understand that many, many, many people all over the world are buying properties every single day with no money down, and with bad credit. This of course means that you can do this too! All it takes a little spine to do it, and I think that you most likely can come up with a little courage to spare somewhere.
On of my closes friends recently came to me and asked me if I would like to sell him one of my properties on a contract for deed, or a lease with an option to buy. So I told him that being good friends all they way back to little league baseball, I told him I would be more then happy to sit down with him and discuss some options to get him into one of my many homes. (He was looking to live in this house.)
About a week later I sat down with him and we had a honest conversation about me selling him one of my homes. Now, my friend didn’t know much about buying a house, he has never done anything like this before. I simple explained to him that I was willing to sell him a home for $3,000 dollars and that I was going to give him a 25 year amortization. (for those of you with no prior knowledge, amortization means life of note-loan) At 8.5% interest he had a hard time saying no to me.
We both agreed to the terms that we had discussed. Now that we have a buyer and a seller what is next? I went on to write the contract.
Now we need to write the contract using the terms of the agreement, and we both need to sign it in front of a notary. ( you can find a notary at many local banks) You need to have the third party notary so that if at some point the contract is brought before a Judge ( which can and in some cases will happen) the third party notary will legitimize the contract, play it safe so to speak.