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I've rented a house from a wonderful landlady for 7 years (about $150k in rent!). I recently inherited enough for a 10% downpayment on the current value of the house, but unfortunately I've been unemployed for 2 years. My husband has student loan debt. So despite that my husband & my credit scores are good, we doubt that we would qualify for a regular loan. We would like to approach our landlady with an offer and ask if she would be willing to carry the loan. She knows we're great tenants and love this house. I just want to have the perfet approach so she'll say yes! But of course with home prices going down, it's worth half what it was when I moved in.
Go ahead and ask her.
You ought to ask her next time you pay the rent, "you ever think about selling this house?" She may tell you yes or no.
And at the least you plug a bug in her brain to make her start thinking about it.
What ever you do, get it in WRITING before you put ANY money down.
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