Advice PLEASE ! - Posted by Wayne(VA)
Posted by Wayne(VA) on February 23, 2001 at 19:58:45:
I made a call to a ad in the paper today and I would like to make something happen here.
2 Bdrm SFH w/ 1 Bdrm Apt (sep enterances, bathrooms, kitchens)
3 yr. old roof
Heat Pumps installed in both units 6 months ago
2 Bdrm now renting @ $550/month
1 Bdrm now renting @ $400/month
Mortgage balance $68K
Will sell for $90K, appraises @ $130K
Owner is in the process of evicting tennants in both units. He is tired and fed up with landlording (it’s a older gentleman). He wants his $22K NOW, says his disability payments just aren’t enough for him right now and he is willing to finance the $68K @ 8% over 15 years. He wants me to call Citibank and try to qualify to assume the loan, gave me the loan number and everything.
This guy kept me on the phone for over 1/2 hour telling me all that this property was his “picture perfect” home when he moved out of it 3 yrs ago.
The property is located about a stones throw from Quantico Marine Base and I know this could be a win/win deal if I can make it happen. Only problem I have right now is getting the $22K he needs to close this deal, any ideas ?