Posted by Ed Garcia on January 31, 2001 at 09:23:32:
Vic,
Yes, I’d be glad to have Neal Johnson check into your deal. Vic what I like about the deal, is that you are realistic about the deal and the out come.
I like the fact that you are controlling the lady in the deal, even to the point of the sale of her property. The reason that’s so important is because that deal will affect yours.
You didn’t leave your phone number, so I’ll have Neal e-mail you today. In the event you see this post before Neal e-mails you, call my office at (909) 9440199 at about 10a.m. California time.
Hi! I was going to email this to you privately, but thought I’d post it, just in case somehow it might benefit others.
I’ve got a house that I’m selling. I bought it on a land contract (La. term is bond for deed) 3 mos. ago.
I have a lady that wants to buy it. Her credit score is around 540, give or take a little. Her credit report shows approx. 6-7 late pays over last 2 yrs. She currently owns a house, & has NEVER been late on those payments. Her income & ratios should be adequate.
Sales price of my house would be 88K - 93K. Should appraise. If we can get her financed, we have a buyer for her house, which should be an FHA buyer. So there’d be 2 loans for you if we can get the first one done.
The only cash my buyer has will be the cash that comes from the sale of her house - approx. 10K. I’d be willing to carry a second up to 10% or so.
Would you be int’d in taking a look at this, even though it would be a B/C loan & also less than 6 mos. title seasoning on my house. Her house has no title seasoning problems.