Posted by Eric on March 20, 2002 at 21:38:40:
Yes I do live in PA
Owner financing - Posted by Eric
Posted by Eric on March 19, 2002 at 20:26:45:
Working a deal with a guy whos 3br, 1 bath house has appraised for 75k. He gave me a copy of the appraisal so I have seen it. He went from 10k to 7k down to 4500 up front to relocate. His loan balance is 35k and he is asking for 55k total, but I know he would take 50k. He is offering owner financing for 7-8% and for basically however long that I want. He is moving to GA for a job. His training starts at the end of April, but wants to stay in the place for that month also, which would bring it to mid - end of may. I don’t have the money to give him for relocation. Only thing that I could think of is to lease option it since he wouldn’t be completely out of the house until the end of may. That would give me approximately sixty days to get someone into the house, collect the down payment and give it to him for relocation fees. And collect a big back end and monthly payments. Also got advice to offer 5k subject to and accept owner financing for 7% for 7 years. My question is how am I coming up with the 5k then? This guy is up for basically anything that gets him a relocation fee. Any advice out there that would help me please. Seems like it is at my fingertips, but not quite there.
Re: Owner financing - Posted by brad
Posted by brad on March 20, 2002 at 19:22:48:
are you located in pennsylvania???
brad
Re: Owner financing - Posted by JoeS
Posted by JoeS on March 19, 2002 at 20:46:11:
One thing that has worked in the past; have HIM borrow the 5K, then he can sell the property to subject to the first, and add the difference and the 5K. He gets his relocation money, he has a secured position on the property, he unloads his problem, you solve his problem, everyone is happy!