ADVICE ON HOW TO DO NICE DEAL!! - Posted by george from raleigh
Posted by george from raleigh on December 10, 2000 at 12:39:55:
Here’s the sitch: an insurance client of mine (74 yrs. old.) owns a house with good highway frontage near Elizabeth City free and clear. Has a house in VA she wants to move back into, wants out of this house. Her asking price is $75,000, insists on $22,000 cash, will take back $53,000 mortgage @ 8%, 20 year term with three year balloon. I also think she would take as little as $65,000 if all cash at closing, no owner financing. No current appraisal, but should appraise in the $100,000 range. However, she will NOT take a mortgage in a second position. The property cash flows excellently, and has extra land to put a mobile home or self-storage units for extra income. There are two residential units, one rents for $350 per month, other unit (where she lives now) should command $600-700. The house is impeccable. My problem is the $22k. Any ideas?