Posted by chill on March 11, 2000 at 10:13:26:
George,
Try http://www.co.franklin.oh.us/auditor/ This is the county auditors web site. You can look up properties here.
HELP!.. Newbie losing 1st least option deal! - Posted by Michael
Posted by Michael on March 10, 2000 at 11:11:15:
Hello all,
I have been in negotiations with a seller on a 2 bedroom home for 39,000, which after a walk-through and doing a market-sales analysis i’ve determined that the price is more than fair. I was actually suprised that the seller even considered a lease option, as it’s his 1st too; and he even went 2 yrs with $450 per month and $150 of that toward selling price.
Problem:
There is existing financing for 24,000 and he won’t even let me know if it’s assumable or not, and believe me i have tried like the “dickins” to get it out of him. I don’t want to sleep on this property, but i don’t know what my next move should be. My time is running short on this place, so any advice at all would be greatly appreciated, and as always this site is such a wonderful resource for investors and future homeowners alike. Thank you.
Don’t fall in love with it - Posted by Bud Branstetter
Posted by Bud Branstetter on March 10, 2000 at 13:11:52:
You need to determine how much more than $450 a month you can L/O it for to a new TB. You also need to determine how much more than the 39k it could be sold for. Can you get 3K option consideration from the TB.
I would want $100/mo positive cash flow and 2K more than I have to give as consideration. I would also want 10K of profit. The seller doesn’t sound very motivated if he is asking $450 a month with an underlying 24K mortgage. Two bedroom houses are less liquid in they take longer to move. The price range, in many area, would only attract low end occupants.
Re: HELP!.. Newbie losing 1st least option deal! - Posted by Stacy (AZ)
Posted by Stacy (AZ) on March 10, 2000 at 11:18:05:
Michael-
I’m not sure what your problem is. If there’s an underlying 24K loan, why not just “assume” it’s not “assumable,” and do the L/O anyway. When and if the the property is sold, the underlying loan would get paid-off by either a refi or new loan from the T/B.
Maybe I don’t understand your concern…could you be more specific?
Stacy
Re: Don’t fall in love with it - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on March 10, 2000 at 14:03:10:
If you are really interested in the wording of the note , go to the county recorders office in the county where the property is located. Look the note up and get a copy and, sit down and read it. In some counties you may be able to get this info on line or over the phone…ED
Do you know about Recorder’s office info for Franklin County? (nt) - Posted by George(OH)
Posted by George(OH) on March 10, 2000 at 14:55:50:
nt
Re: Do you know about Recorder’s office info for Franklin County? (nt) - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on March 10, 2000 at 15:23:53:
George, I am a long way from Franklin county ( I like it like that). I have heard that
Franklin county court house records are available on line, but I do not know how to access them. You might want to call the county recorder and ask them how to access. Perhaps that will help…ED