Posted by jay on October 30, 2000 at 14:35:20:
The loan balance is $73k, the seller wants $30K cash to assume for his equity. I have a buyer lined up, who doesn’t qualify for the $103k asking price, but my buyer has a pre- approved loan for $65k and is willing to use that to get the house.
ASSUMPTION DEAL - Posted by JAY
Posted by JAY on October 26, 2000 at 08:48:35:
I’m doing a non qualifying assumption deal on a SFH in excellent condition, the seller requires a $30,000 cash to assume for his equity…the house is on the market for $103,000. I have a buyer for the property lined up and he has a loan to cover what I 'm asking for the downpayment…$45,000. I plan to do a simultaneous closing. My dilema is my buyer has a pre approve loan for $80,000 and is wanting to only use around $50,000, how do I ensure that I get my money at closing. This is my first deal.
Re: ASSUMPTION DEAL - Posted by dewCO
Posted by dewCO on October 26, 2000 at 21:57:48:
You haven’t posted what the loan balance amount is on your nonqual. assump.