Posted by Karen on February 11, 2002 at 17:20:47:
building the garage! So he says. Not THAT great of a garage.
The house right beside him went on the market 2 months ago (has att. garage w/ finished bonus room) for $152k with realtor. Again, confirming my doubts about a deal for this guy.
Appreciate your opinion – thanks 
Karen
Any hope for a deal with these numbers? - Posted by Karen
Posted by Karen on February 11, 2002 at 16:15:00:
I don’t “see” a deal here, but maybe someone else can.
Thanks,
Karen
3B/2.5Bath, all appliances stay, built 1999, picket fenced back yard, det. garage.
1st mtg. balance: $110k
2nd: $32k
Owner transferred, must move mid-May, just wants to walk away.
When I researched recent sales for this subdivision, I’m getting numbers like $127k-$138 WITH attached garage and bonus room over.
His total monthly is $1,365. That’s high for lease or rents around here. Maybe could be done on a L/P but would be a squeaker…any ideas?
Re: Any hope for a deal with these numbers? - Posted by Brent_IL
Posted by Brent_IL on February 11, 2002 at 18:30:22:
The owner will have to subsidize the loan. You take over subject-to with CFD or EHTrust, and L/O to break-even. If he can’t pay you three or four hundred dollars a month, how will he make the much larger payments to the bank during the time he is holding for sale? Ask him.
How about a graduated seller payment? $400 for the first 12 months, $300 a month for the next year, and $200 monthly for the third
$400 may be an inconvenience, but $1,400 is a lot more problematic.
Not much - Posted by ken in sc
Posted by ken in sc on February 11, 2002 at 16:25:02:
The only hope I see here is the 2nd. What is it for? Many times it is a car loan that perhaps could be financed another way and taken off the property. I tell people that it is “not the houses fault that you bought a car, is there anyway to borrow money on a car loan so that you can sell the house and be done with it?” If they could borrow say $20,000 against the car and another $5,000 another way (commercial credit, etc.), then maybe you can get in for a fairly low amount on a subject-to deal. If not, then I see no deal here.
Ken