Posted by Dewey on November 19, 2000 at 23:30:09:
Structure the deal with the seller differently. Instead of paying the seller $85,000 cash, see if they are willing to take $75000 cash with a $10,000 note? If the seller is willing, you get to keep the additional $10,000 and fix up the house. Just an idea.
Good Luck.
Dewey
Amatuer with a good opportunity - Posted by Jason
Posted by Jason on November 18, 2000 at 24:41:13:
I have been offered a property that has not yet been listed on the market and won’t be if I can close this deal!Appraisal is 126,000… asking price is 85,000. I have a low 500 credit score but did get approved for 75% of the 126,000 wich is roughly 95,000. how can I pull more of the equity out of this deal right away? Lender approved for me 75% plus 5% down wich I have, plus a 20% second carry back by the seller wich is actually null and void since he only wants 85,000 for the house. (the lender has the selling price as 126,000 not 85,000) i would love to get the 126,000 for improvements and repairs since this will be my primary residence. I live in Indiana. Any help or comments are appreciated…thank you!