FIRST DEAL!!! - Posted by Pavon Bailey
Posted by Pavon Bailey on February 01, 2000 at 15:05:15:
I need some assistance, please. A house is being sold in a desirable neighborhood for 150K. I called the seller; he is VERY motivated (needs to move…must sell home ASAP!!!). The home is located around a hospital, a few restaurants, and the crime level in the neighborhood is VERY low, almost nonexistent. Here’s the kicker: I don’t have perfect credit, and the seller told me that his outstanding loan for $110K…is ASSUMABLE!!! Interest Rate…6.5%!!! Can YOU BELIEVE IT!!! Anyway, I called an investor that buys houses in that neighborhood ALL CASH!!! The comps came back and he said that the house is worth $225K!!! Repairs? Just a few cosmetic work i can tackle on a weekend. The home is in move-in condition. QUESTIONS:
A) Any advice from the real pros out there on what type of offer I should make?
B) From the figures, how much should I be able to cash out from this deal??
Any assistance will be greatly appreciated!!! I seriously don’t want to lose this deal! But before I write up an offer, I want some advice. Thank you.
PS: TO JP: Can I pay for the Convention in installments, JP?? I’ll give you a note for $595 payable over 300 years at 112% interest! Collateral: My college degree once I get it next semester!!! Just kidding! smiles