Posted by edna m on January 24, 2000 at 22:40:57:
I came across a deal that will give me ownership of a 15 room home with 1 acre of landscaped property. The owner is very motivated!! I currently work for the state who will pay me to take in disabled adults at about $35k a year for 2 to live with me–but it depends on the space available. Well, the owner states he would hold the note with a good amount down. The house needs some work but he is willing to hold the mortgage and until I have the home the way I want I don’t pay the mortgage up to 8 months. In the city of NY its worth about $450k, but on the island where it is located $200-250k. What type of offer could I make with either no money or asking the bank to loan me $20-25k? Help me figure the deal.