Posted by The Baze on October 08, 1998 at 17:18:25:
Joe,
How much is the balance of the loan? How much cash does she really NEED at closing? Why does she need that much? I know you said she needs to pay bills, but what bills and how much? Find out the answers to those questions, and find a way to fill them and you’ll have a deal. Maybe you can get in w/ no money if the circumstances are right.
Tom Bazley
Is There a Better Way - Posted by Joe(IN)
Posted by Joe(IN) on October 08, 1998 at 16:28:23:
I am working with a seller who has an old 2 bedroom in good shape (No repairs needed). Seller is motivated because she is elderly, has already moved, really wants out from under the payments, and needs cash to clean up some bills. She WILL NOT do any owner financing, but she will sell to me for $35K. Appraisal should be $48K.
I have a mortgage broker who will give me a 90% loan to purchase for 8.37%. The closing costs will be about $2000. So, with closing cost plus down pmt I will get in for $5500 which I can borrow from a credit line.
I would plan to set up a Lease/Option to sell the house with an “I win if they do, I win if they don’t scenerio.”
The Question? Knowing she will not carry financing is there any better way to do this deal?
Thank You!!
Joe
Re: Is There a Better Way - Posted by PBoone
Posted by PBoone on October 08, 1998 at 18:17:19:
Joe,
Tom made a great suggestion. Once you find out those questions offer her 24,000 cash.
She will probably become more open to seller financing when she sees your cash price.
Pat