Posted by Julio on December 05, 2000 at 23:20:31:
Your post on this is:
?A PIECE OF CRAP?
0 down 0 pymts till march 320k house @ 248k - Posted by Dan (MO)
Posted by Dan (MO) on December 04, 2000 at 21:06:47:
Got a seller with a house 12 miles out of the city - 3 yrs old, “perfect condition”, 3 br 3 ba, 2 jacuzzi’s etc. It is listed with a realtor although the sellers posted their own ad. The seller says that he is a mortgage broker and that there is no down payment or closing costs and he will make the payments till march for the new buyers. Asked if there is bank involved he says yes, asked if the buyers have to owner occupy he says “not necessarily but we can write it up that way”. He started off selling at 300k, got no calls and lowered to 279k, and now is down to 248k. How can I make a deal here?? I know that there is no way I can afford a payment on this house and the lender wouldnt approve me otherwise I would just get approved by the lender and buy and try and flip it by march. Somehow there ought to be a way to make a deal here. What about tying it up with an option? he says it was appraised at 320k which I have to verify, and I have to look at the property which I am going to do tomorrow.
Someone enlighten me here!
Best Regards,
Dan
Re: 0 down 0 pymts till m - Posted by dewCO
Posted by dewCO on December 04, 2000 at 23:33:02:
You need to know the value of THIS house. If it’s ugly it still has a RE value. But regardless of whether you are interested in this one or not, you have to start by knowing the value to know if there is ANY DEAL for you. Then you figure out how to solve the seller’s problem and make a deal. Doesn’t matter how much the price has been reduced. That has nothing to do with knowing the value (except that you know it’s less than he was asking!).
Never mind the house is U-G-L-Y - Posted by Dan (mo)
Posted by Dan (mo) on December 04, 2000 at 21:49:42:
happened to see a pic of it just now on the realtors site. Didnt think it would be on there or that it would have the address. There are other houses in that same price range some with 5-6 bedrooms and ALL are more attractive than this house - so there is the catch! There usually is one.
Oh well… back to the beat
Dan
Not neccessarily - Posted by Bud Branstetter
Posted by Bud Branstetter on December 06, 2000 at 24:01:47:
(except that you know it’s less than he was asking!)
Maybe, maybe not
The fact that it is out so far, the fact that it may have fewer bedrooms or some other feature may be making it harder to sell. But my suspicion is that there is a new loan required and at that price fewer buyers that want this particular house.
I do agree with you that you need to know the value but as important is how easy is it to find the end occupant/buyer. You could sit on it past March without someone to occupy it that will cover payments if it is an anomoly rather than the norm.
Re: Never mind the house is U-G-L-Y - Posted by JohnBoy
Posted by JohnBoy on December 05, 2000 at 08:05:44:
The fact that he is a mortgage broker and was already willing to show the loan docs going in as an owner occ for a non-owner occ raised a flag about this guy. If he’s willing to have his borrowers lie on the loan docs then chances are his appraisal is probably inflated as well from one of his buddies he throws a lot of business to!
It might still be worth taking a look at and determine what the real value is and make an offer accordingly.