Add a twist… - Posted by Sheik
Posted by Sheik on April 05, 1999 at 11:57:24:
Just called a local (read small) lender about a property they took back.
I spoke to the REO fella and he said that the property
has an existing assumable(w/ some qual) mortgage on it.
(I am not too sure I understand how it can still have a mortgage on it…after all they did foreclosed on it)
Anyway, the terms are $500 down and 7% for 30 years…mortgage amount $128,000…payments will be $1320 (PITI)
So far so good.
But here’s the monkey wrench. This is way over priced. there is no Bsmt and it’s a 2 bedroom! (FMV is somewhere around $90K) The monthly payment ($1320) is about Fair market rent for a 3 bedroom.
The REO fella is desperate to sell it. I told him it was way over priced and that there was nothing in it for me.
He told me if i help him find a buyer he “will compensate me” (can you say agent?).
I could use some help in trying to structure something out of this…even an assignment fee.
I was thinking … get an option (or a contract w/ an out) and then market the h*ll out of it
TAKE OVER MY MORTGAGE
$2500 IS ALL YOU NEED
and just assign the contract to my buyer.
Any other thoughts. Thanks