Posted by Lloyd Cook, Los Angeles on February 28, 2002 at 24:51:07:
The listing agent will charge 6% ( maybe more, maybe less) and there will be other closing costs for the seller. If the seller is willing to take only 10% down, he is getting almost nothing at close. There is not too many ways around the 10% down when listed with an agent. This is why dealing with the owner direct is more gooder.
help - Posted by abbey C
Posted by abbey C on February 27, 2002 at 08:19:44:
I am new to real estate investing and pretty exicted about starting out. Yesterday i found a six unit property that is listed with the agent for a selling price of $182,000. The seller is willing to hold financing at 8%,amortized for 30 years, balloon in 5 years. The units are 100% occupied and the average rent on 5 of the units is $450 while the average on the sixth unit is $550. The owner wants a 10% down payment which i am finding impossible to raise. This seems to be a pretty good deal and i would appreciate suggetions on what to do.