Posted by Clair-MO on October 22, 2002 at 10:53:11:
Mia, Why ask for a 10%-20% reduction of the asking price and ask for a 15% seller’s rebates which you can use for closing costs and down payment at the closing table. What the appraised value is get a 65% loan from that price and take out the 15% for closing costs and down from the loan amount and have the seller carry back a second for 12 months at 6% to 7% for seasoning of the note then the seller can sell the note for 85% to 90% value of the note and make interest payments only for 12 months and then you should be able to refinance for a higher price and pay off the owner’s note.
Hello. I have been working with this seller for over a month now and I finally called the bank directly (with their permission) and the info I rec’d was great…then not great.
This is a house I will hold for long term, I already have a tenant ready and waiting to move in. House comps at 46,5-50,000. Seller needs out due to buying a deceased relatives home and that bank insists they sell this home first before closing. Mortgage is assumable at 8%. To buy outright I would need 10% down and 2250 in closing costs. Thats not a smart move. But to assume loan balance of 38,000 for a FLAT fee of 575.00 is great for my needs. House only needs some interior paint. No closing costs or down payments required. The catch is it has to be owner occupied. Is there any way around this or to work with this?? Without fraud. I am so disappointed. The seller said she had checked and it was fine. But she didnt. I have spent alot of time on this to have it be soooo close. I appreciate any help. Thanks so much!!