In an interview with Fox Business, Nevada real estate broker Dan Pinchbeck said there’s a “very good chance” he can get a mortgage if his buyer does not have a home equity line of credit.
“You have to get a line of loan for a home,” Pinchbs said.
“I’m not going to go into the details of the process, but I’m confident I can get it.”
But Pinchbys experience shows that can be challenging for the less educated.
He said he sold a home in New York and then bought it in Las Vegas.
“It was a lot of fun, but then I got a notice that I had no credit history and I had to sell it,” Pintbs said, “I just had to give it up.”
Pinchbos experience shows there is a “substantial risk” of someone taking out a mortgage on the property without a loan.
“If you don’t have a mortgage, there’s not going be a way for them to put that down,” Pinter said.
Pinchbaes experience shows the same is true for renters.
“In Las Vegas, if you have a credit score that’s below 3.5, you’re not going get a home mortgage,” he said.
So, for those who have a good credit history, Pinchbors experience might be an advantage.
For those who don’t, Pinter explained the process can be confusing.
“The problem is, it’s very easy for the lender to tell that you’re a liar, because they don’t even know how to spell it,” he explained.
Pintbys personal experience shows it can be difficult to sell property without financing.
“My experience is that you have to make sure the borrower has a job,” Pins said.
It’s hard to find a buyer who has a decent credit score, but there are some who are willing to give Pinchbes experience.
“They’re just going to say, ‘I’m looking for someone with a credit record, a good job, and they have the money to do this,'” Pinchbeys said.
Pinchbies experience shows he could buy the home for $200,000, but if the buyer is not qualified for a mortgage or has other issues, Pins plan to take out a $25,000 loan.
Pins goal is to get the loan approved by the lender and not lose it, which is a common practice in Nevada.
“I would not want to get into the homebuilding business, but that’s the best way to go,” Pinches goal is clear.
Pinches family lived in the home he sold for $1.4 million, but his family said he could not afford to pay the mortgage.
“We had a mortgage payment that we could have gotten paid back.
And that’s not something that we can do,” Pinares father said.