Posted by kll985 on June 14, 2007 at 10:52:40:
I could possible do that, However I am getting a great rate from the seller 0% and I’d like to use that to my advantage.
Seller said 90k at closing would be enough.
This is in case I keep it for a rental. The market is rough right now, so I want to have as many options as possible.
Ken
Financing Question L\H deal - Posted by kll985
Posted by kll985 on June 13, 2007 at 04:13:33:
Hey Folks,
Iâ??ve been a lurker here for a while and appreciate the input. Iâ??ve learned quite a bit from this board.
Can anyone give me some direction on this issue?
I found a property, Late 80â??s doublewide needs cosmetics with a 6 bay garage on its own lot. After rehab it should sell in the 175k range in our area.
The owner is willing to hold financing. What I would like to do is this.
Offer 115k (Owner will take this amount)
Get a loan for 90k
Seller held 2nd for 35k. This will include cash back for rehab.
Are there institutions out there that will finance a sale like this?
Are the rates reasonable?
Do you have any recommendations?
Can you see anything that would help me out?
It is located in Pa.
Thanks,
Ken
Re: Financing Question L\H deal - Posted by Tennessee Bob
Posted by Tennessee Bob on June 13, 2007 at 05:41:20:
If you can obtain a loan for the 115k (full amount seller wants) on a home that will appraise for 175k, pay off seller and get an equity loan from the bank for the other 10k you are looking for to do the rehab.