Posted by Greg Ny on May 19, 1999 at 13:25:02:
RE Agent has a property which is in foreclosure.It’s a 30 unit + 6 stores.The building was appraised in 1998 for 1.2 mil, and the amount owed as of 3/98 was 647,000.The agent siad that he talked to the bank and the deal could done for $850,000,and also that the seller would pay off any liens on the property.There are some violations,but minor.
The seller wants to transfer the deed to me,and then wants me to refinance,but I have to come up with $200,000 cash.
What,s the best way of taking over this property?
Could I get a 65 or 70% ltv to cover the purchase price?
Thanks for your input.
P.S. Building is in a good neighbourhood.Seller has not raised rent in 2 yrs.Bank and seller wants to do this deal in 30 days.