Posted by Darren (MA) on November 19, 1998 at 11:12:25:
Find out exactly how much of that $4,000 to $5,000 is going toward closing costs. Then increase your sales price by that amount and offer to pay the closing costs. (This way, he essentially ends up financing his own closing costs). I’ve done this regularly. If you have any questions, just drop me a line.
Selling and flexible - Posted by Ted Bowen
Posted by Ted Bowen on November 19, 1998 at 08:23:59:
I have a house that we redid and are selling. I found a buyer that is willing to pay my price but needs a little help.
I am looking for some flexible ideas for helping them.
Here is the details
I am selling the house for 39,000
The bank says it will cost him 4000-5000 for down payment and closing cost
He only has about 2000.
My first idea is to carry a second for 2000-3000
My second idea is to pay up to 2000 worth of closing cost.
I would be happy with 37,000 net that I would get
Any other Ideas would be greatly appreciated.
Re: Selling and flexible - Posted by dave
Posted by dave on November 20, 1998 at 20:49:12:
ted, you didnt mention if you needed all your equity now or not, but i would take his 5% down and finance the balance amortized at 20 years at 8.5% with a 5-7 year ballon payoff. best case, you have a secure return, worst case you foreclose and get the prop. back. a lawyer would draw the papers and his title company, the escrow. win-win