Need creative Mortgage. - Posted by Bob

Posted by Ed Garcia on December 26, 2000 at 23:32:13:


I need a bit more info, such as how you have re-established yourself since the bankruptcy. If you’re not to busy, call me at (909) 944-0199 tomorrow and we can go over this deal. I also assume that this property is going to be owner occupied.

Till then,

Ed Garcia

Need creative Mortgage. - Posted by Bob

Posted by Bob on December 26, 2000 at 19:57:58:

I dont know if this is the right place to post this.
So I will post it in a few other places through out
the site.

Here is the deal.

I am currently in a lease/purchase as the buyer.

The home was built in 1999
It appraised in early 2000 for 265,000
I bought in on mid 2000 for 246,000
Between down payment and rental credit I have 20k in it.

The seller is motivated and will give me an additional 10k
off if I close is the next 3 months.

I also can put an additional 25k down.

So it would look something like this:

Sell price: 235,000.00
Down: 45K
Balance of loan: 190,000.00

I am self employed and had a bk 2 yrs ago.
However my income is high.

I am looking for some one who would be interested in making
the investment. Any rate within reason and balloon out in 3 to 5 years.

Also any suggestions would be greatly appreciated.