Posted by Cindy on March 23, 2000 at 15:41:03:
I will repost over there after I do a little more homework, like comps and determining the market value. I already found out, today, that the owner was not truthful about how much he owed on the loan-I called the lender. (learned to do that here at this site) $5,000 dollars off.
SHEESH, you guys are so helpful. I appreciate it soooo much!!
Thanks, Cindy
Are assumable loans ever negotiable? - Posted by Cindy
Posted by Cindy on March 23, 2000 at 01:38:57:
Would a lending company ever consider lowering amount due to keep from going into foreclosure, and still allow me to assume the loan?
This is the only thing I can think of to increase a profit margin on this deal…
which is 3bd/1bath .5 acre owner owes 69,000, owes partner $3,000, owes city $2,500 for city water hook up work. He’s asking $79,000, and admits it still needs an inspection.
Thanks in advance.
Re: Are assumable loans ever negotiable? - Posted by chris
Posted by chris on March 23, 2000 at 07:46:14:
Cindy-
This post will probably get more exposure to the correct parties over on the main newsgroup.
Have you run comps on this property? Is it going to be a rental?
After you have performed all of your calculations and can give the lender some concrete numbers approach them with your information and see if they budge.
Please post with detail over at NG 1.
-Good Luck, Chris