Posted by michaela-ATL on January 05, 2003 at 09:41:09:
bb,
if you have enough equity (i wouldn’t recommend buying above 80% anyway) you can do a quick ‘sub to’ with your friend transfering the deed, with your friend getting a note for the difference between his payoff and the salesprice. And then do an immediate 75-80% non-seasoned refi in which the loan and note are being paid off. If the deal is good enough you’ll walk out with cash in your pocket.
michaela
owner financing - Posted by bb
Posted by bb on January 04, 2003 at 22:08:56:
A friend of mine is looking to sell a duplex at a discount to me. The problem is im still short on even a 5% downpayment. I have excellent credit and know i can get a loan. If my loan requires 5% down or more is there a way for me to ask the seller to pay that or for them to loan me the down payment so i can pay it to the lender. The property cash flows and i dont want to miss it. please advise.
thanks
Re: owner financing - Posted by adria
Posted by adria on January 12, 2003 at 13:59:20:
Get your friend to owner finance the entire note and then sell the note if they need the cash. They can sell all or part of the note (if they only want some of the money now). They can also sell it at closing (simultaneous closing) or wait a few months and let it season and sell it at a better price. E-mail if you have questions, I can help your friend sell the note.
Adria
Re: owner financing - Posted by Charles Clark
Posted by Charles Clark on January 06, 2003 at 24:50:10:
There are some lenders that will allow a “family member” to gift you part of the money. Works great.
Sometimes the family member can borrow the funds to lend you. Also, you may have other assets that you can borrrow against.
Charles Clark
neiloans@hotmail.com