Posted by Robjan on June 07, 1999 at 20:46:07:
Hi everyone
Hope this could be our first profitable deal.
Home owner deeded us her property to save from
forclosure. She had it listed since Feb. for 154,900 and
received and offer for 148,000 early on but turned it down at the realtors advise. Hasn’t had much luck since.
She’s run out of time and 5 months behind. Has 107,000
mortage bal… She deeded property to me and I agreed to
pay her $18,000 above the 107,000. Iam working with a
mortage co. who said they can refiance with an
unconventional loan @ 9%,total refi is 125,000 plus
about 3,500 in closing cost.
With this financing we feel it is best to try to retail.
We are scheduled to close on refi this fri. Owner is moving to townhouse but wont be ready till mid August
and told her we will rent house to her on month to month
basis.
Are we in over our heads? Does anyone have any
suggestions on retailing a pretty house in nice area?
If we dont sell by end of June we’ll try to lease option.
Thanks
Robert and Jan