Hi,
I have an opportunity to travel to Florida in october to spend a few weeks looking to buy a house now for hopefully a long term return when the American economy picks up.

I'm traveling from England and have enough money for around a $50,000 payment.
However, I feel that in order to get the best returns I may need to purchase a larger property that will get the biggest gains when the market picks up.
This is where the property lies, i'm not 18 untill may, so I will not be able to get a mortgage untill then.

So, my question to you guys is - would it be possible for me to suggest to the home owner (whether that be a bank, or a person) that I will pay the $50k to them immediately, plus $500 per month untill may, when I will take out a mortgage and reimburse them in full.

Do you think this is possible?
Does anyone have any other suggestions?
Can anyone suggest anywhere in Florida that has particularly cheap housing/most growth potential?

Thank you for your time.
Woolley.

No, a minor will not be able to legally enter into a contract.

[quote=Woolley]Hi,
I have an opportunity to travel to Florida in october to spend a few weeks looking to buy a house now for hopefully a long term return when the American economy picks up.

I'm traveling from England and have enough money for around a $50,000 payment.
However, I feel that in order to get the best returns I may need to purchase a larger property that will get the biggest gains when the market picks up.
This is where the property lies, i'm not 18 untill may, so I will not be able to get a mortgage untill then.

So, my question to you guys is - would it be possible for me to suggest to the home owner (whether that be a bank, or a person) that I will pay the $50k to them immediately, plus $500 per month untill may, when I will take out a mortgage and reimburse them in full.

Do you think this is possible?
Does anyone have any other suggestions?
Can anyone suggest anywhere in Florida that has particularly cheap housing/most growth potential?

Thank you for your time.
Woolley.
[/quote]


I have had minors enter into real estate contracts in the State of Oregon, however, they could not close the transaction until they turned 18. So yes, you can enter into a contract before you turn 18, but you will not be able to close the deal until your 18th birthday. What it sounds like you are suggesting is a seller carry back, which would be risky for both the seller and the buyer since contracts entered into with a minor are not enforceable. This means that if you were to default or something went wrong with the transaction before you turned 18, the contract would be unenforceable in a court of law. So better to wait until May. :D Sorry, I have no info on Florida. Try realtor.com

S
www.susanbarlow.com

I wouldn't give 50k to anyone on a seller finance arrangement unless I own it outright and they carry back the difference.

If you do it the other way they could not pay the mortgage,take the money and run,refinance and not tell you.

There are so many risks on the buy side that I wouldn't do it. Every investor has a different level of risk. If you had say one million then losing 50k might not be that bad if the deal went bad. If all you have is 50k and this is your one shot you really need to scrutinize the deal and protect yourself as much as possible.

Thank you.
The intention was that I would own it outright, is this not a very likely outcome?

Woolley I would just wait until you turn 18 in May of next year.There will still be plenty of good buys out there and most likely prices will have dropped even more.

"Thank you.
The intention was that I would own it outright, is this not a very likely outcome?"

Considering you are going to give 50,000 dollars to a stranger you don't even know upfront where they could refinance,take the money and run,or get foreclosed on so I wouldn't do it.

You can't legally own something until your 18 so I wouldn't be messing with it now.

Super Realtor is absolutely right in that advice!

There are many wonderful people out there and just as many scoundrels!

When you are 18, apply for your loan to pre-qualify, then look and purchase.

It probably makes it harder from the UK, but it also might make it easier to rip you off!

Take your time. At 17, you've got plenty!

Good luck & best wishes!