Need your input on financing this property - Posted by Thurman
Posted by Thurman on February 24, 2001 at 21:15:46:
This single family property is a three bedrooms - two bath house with nice garage. The house is clean and is in move- in condition. The house doesn’t need any fix-up.
The property was appraised at $68,000 about 2 years ago by a Certified Appraiser. The seller paid $65,000 for the property at that time.
Listed with a Realtor with a asking price of $65,000 about four months ago.
Reason for selling this property: She bought a smaller house in the same town.
She received a cash offer of $55,000 subject to the buyer selling his house in a different town. Later the buyer back out when he was not able to sell his house.
After seeing my ad; the seller called me and offered the property to me for the $55,000 price. After explaining that this was a marginal deal; she dropped the price to $45,500 CASH!
She said at that price she could pay off the existing mortgage of $42,300 + closing cost.
The seller motivation is debt relief and no ownership worries.
She NOT interested in lease/option, contract for deed, selling “Subject To” or any other creative offers.
My plan is to sell the property either with a lease/option program or help my protential buyer to qualify for a first mortgage needing about 10% down payment and with me carrying a second mortgage for the balance.
Problem: I have no money to invest in this deal or do I have the necessary credit to qualified for a loan.
I could ask for up to 60 days in my purchase agreement to find a qualified buyer however, at $45,500 she expect CASH in 30 days or less.
I could write the purchase agreement offering the $45,500 cash in 30 days. However, I may not be able to perform as offered and have a black mark on my reputation.
Any ideas? Thank you in advance for any helpful suggestions.