Re: 100% bank financing–P.S. - Posted by sue
Posted by sue on July 28, 2003 at 21:12:47:
Hi Linda. I’ll try and explain; the seller bought the house for 170,000 put 20k downpayment so that leaves the seller owing the bank 150k plus he did upgrades to the house for 10k+, this amounts to a total of 30k out of pocket. The seller is selling the house to me for the same price he paid for it, so I’ll go to the mtg company with the price tag on the house at approx 205k I’m saying to the mtg people that I need a mtg of 185k or thereabouts which will be 90% of the asking price. That will give the seller his origional out of pocket money back. If he had to make a quick sale after just buying the house, he would have lost out on some of his money. Now, I know I could have squeezed him out of his money, but that is not kosher. The way I see it is I’ll be paying back the money I’m getting from the mtg company eventually. Please forgive me if I appear bold but I am a woman alone in the jungle trying to survive. I have no money but I have galvanized testicles(a successful real estate investor said that to me once). Believe you me, the banks will not lose out. Within reason, I set my own rules, I have to. I really don’t see that I’m hurting anyone or weaseling any money from any person. Linda, I hope I’ve explained it so that it makes some sense to you. Please reply back as I am interested to hear the pros and cons. I really, at this point, don’t know any other way to effect this mtg for myself. thanks Linda.