Posted by Judy on May 22, 1999 at 13:32:07:
Sal,
If he won’t tell you how much is owed on the mortgage, how can you figure out the numbers correctly? It doesn’t sound like he’s really motivated, yet.
Judy
Posted by Judy on May 22, 1999 at 13:32:07:
Sal,
If he won’t tell you how much is owed on the mortgage, how can you figure out the numbers correctly? It doesn’t sound like he’s really motivated, yet.
Judy
First deal need help!!! - Posted by Sal (IL)
Posted by Sal (IL) on May 20, 1999 at 15:12:55:
I am new to Creative Real-Estate and this is my first property. The seller seemed flexible when I mentioned seller financing. The problem I have is that I don’t know what to offer and how to structure a deal. I’ve been reading as much as I can about creative financing. I suppose I am going through stage fright.
It is a townhome in a nice area (2 bedrooms, 1.5 bathrooms, 1 car garage). It is already being rented out for $900 per month (average in the area is $1000). He is selling it for $105,900. Taxes are $2200 per year and assesmant is $182 per month. There are no Leins on the property. It has been on the market for 2 weeks. He would not tell me how much is owed on the property. FMV is from $100,000 to $107,000.
He seemed interested in a lease option or seller financing. I can come up with $1000 to put down.
I would like to structure a deal that would be beneficial to both of us. Any information would be helpful.