Buying California Real Estate With No Credit Check
June 22, 2010
These days, the internet offers a much broader range of shopping than many people realize. Sure, it’s easier to find that perfect dress or a rare collectible that nobody else seems to have, but what about buying real estate? Is it really possible to purchase raw land without having to go through the hassle of finding a bank that offers land loans? Absolutely and, best of all, you can learn what other customers are saying about their land transactions with a particular seller if you purchase through online auctions. Many skeptics would urge consumers to avoid shopping for California real estate online but if you are familiar with some of the most basic principles, buying real estate online or in person should be a breeze.
If you are in the market for California real estate, you will need to consider whether you are purchasing for investment or residential purposes. If you are looking at land as an investment, you will need to check out the fastest growing areas in the state. If you are looking for the best place to build your dream house, the location choice will be more about personal taste than area growth. One of the most popular places to purchase California real estate via the world wide web is via an online auction. Internet auction leaders, such as eBay, Yahoo, Overstock, Bid4Assets and Bidz have a special category dedicated to the purchase of real estate. Some auctions are set up as a straight cash sale, while others are asking for a bid on the down payment with the remaining balance to be owner financed. The terms of an auction will be listed in the auction description. With this type of scenario, most sellers will extend financing to any customer who can provide the down payment without a credit check or verification of income and/or employment.
When shopping for California real estate online, along with any other purchase, you will need to be familiar with the different types of deeds and what they mean. First and foremost, you will want to purchase real estate from a seller than promises to convey a warranty deed. Avoid purchasing from anyone who offers a special or limited warranty deed unless you know exactly why they chose this wording as opposed to a full warranty deed. This type of transfer guarantees that the property is free and clear of any liens and that the seller owns the property in it’s entirety with the right to resale. Some sellers also offer a quit claim deed, which can be questionable because this type of deed transfers only the seller’s interest in the property and does not guarantee that he/she owns it fully. A quit claim deed simply transfers the seller’s interest, if any, in the property.
Whether you purchase real estate online or in person, you must conduct due diligence on the property to ensure that there are no liens, outstanding taxes and/or is buildable for the purpose that you desire.
This article is to be used for informational purposes only. It should not be used as, in place of or in conjunction with professional legal advice regarding the sell or purchase of real estate. If you are considering a California real estate purchase, you should consult an attorney to discuss your legal rights and best options for buying or selling real property.
David Sanders
http://www.articlesbase.com/advertising-articles/buying-california-real-estate-with-no-credit-check-41678.html
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4 Responses to “Buying California Real Estate With No Credit Check”
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Can someone in the California Real Estate Loan biz answer some questions?
My friend wants to buy a house for $300,000, but her credit is not the best. Some parking tickets were sent to collection (tickets someone else got on a car registered to her, after she sold a car to them) and they have affected her credit. I do not know her credit score, but she claims that the last time she checked it was 700. Anyway, I’m not sure how HONEST she is being with me about her score and other items on her credit report, so I can’t offer more info. BUT WHAT I DO WANT TO FIND OUT IS THIS:
***WHO IS THE BEST COMPANY FOR HER TO GO TO APPLY FOR A LOAN, FOR PEOPLE WITH NOT SUCH GREAT CREDIT and NOT TOO MUCH MONEY TO PUT DOWN?
***I heard that she will have to put down like 20% down, @$30,000. I don’t think she has that kind of money. Is there a company that will give approve her for a $300,000 home loan with ZERO down, or less than $30,000?
She has a very good secure job and she has been there for years.
All info will be greatly appreciated
First of all, has she prequalified for this, in other words someone has looked at her income, debt ratios? If not, that is what has to happen first. You just don’t pick a house out and expect to afford it, especially in this market.
Second, 700 is not a bad score at all. But, having said that, what is her debt?
Yes, you have to put $$ down, zero downs are very hard to come by now.
Also, to buy a house while prices are still falling is not wise, I think she should wait until after the dust settles a little on this subprime tragedy. Maybe by June, watch what is happening in your area though, all are different.
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Don’t send her to a spammer!
Her credit is actually pretty good. If her income is good she won’t have a problem.
Wells Fargo and Countrywide have the best loans right now.
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Yes, she has many options. I suggest Hometown Banc Corp. My mom used them. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don’t simply “forget to call you back.” They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at http://www.totaldebtsolutionsllc.com and a Hometown loan officer will contact you .
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