Help!! First Deal... - Posted by Scott


#1

Posted by John(NH) on December 30, 1998 at 17:14:34:

#1) Sounds like retail (98k FMV minus 6% commission is close to the 89,900 he’s asking. Also, he is probably thinking like a landlord and for $900/mo he’d be responsible for maintenance. On a L/O you’d be responsible for this so you want a lower monthly payment to compensate for the maintenance. If he won’t go lower on the price/payments I would pass.

#2)Retail again, but what do you need help on? If this guy will accept anything, write up what is best for you. How much money does he need out of the deal? Can you get in with 0 down? etc. If he would finance the whole shabang at a good rate, I would pay that price assuming it’s worth at least that (no repairs). I would be gung-ho on this second one.

-john


#2

Help!! First Deal… - Posted by Scott

Posted by Scott on December 30, 1998 at 16:07:10:

First off let me say thanks to all who lend advice it is greatly appreciated…

I’ve found two houses, and both of the owners own the homes free and clear…

#1. Townhome MV - 98,000 3bdr 2ba 1375sqft
Seller asking 89,900

Seller states that he will either sale or lease, and has agreed to a L/O

Leasing seller terms are, 12 months, $900dn, $900mon

seller won’t finance

is there any way that I can structure or barter just a little more to get this even more on my side? The $900 dollars is pretty steep for me, I already own my own home.

#2. MV - 82,000 3bdr 1ba Full basement
Seller 76,000

Seller is open to anything, as soon as I contacted him he says. I’ll take anything as a down payment, he will accept a L/O, and he will also finance, I’m at a total loss for this deal he threw me off to much I would be thankful for help on this one also…

Happy New Year!!!
Thanks for the Advice,

Scott