Posted by Marcus (IL) on March 17, 2000 at 15:50:22:
I’m a newbie, but here is my $0.02 worth.
I’m not sure how to delay the sell, but if you make the 15K offer you’ll probably have at least three weeks to close. If the ARV is any where near the 85K you mentioned you shouldn’t have any problem getting a loan from a private mortgage lender.
You didn’t mention the repair cost, or if any comps were done; but if the numbers work, I’d go ahead and get a 2 year balloon loan, with only interest payments.
There is a “Chicago Creative Investors Association” meeting coming up this weekend.
Contact: Jane Garvey
Telephone: (630) 858-4663
When: 3rd Sunday of the Month 6:00pm
Where: Hillside Holiday Inn, Chicago-Regional
Someone there may be able to help you out with financing or information.