Posted by Bud Branstetter on October 14, 1998 at 08:43:34:
Allen, Just offer to have him owner finance it with no money down. Have the REMAX agent take their commission on a note. Chances of it being accepted-0.000001%. It may be better to find out when the listing expires and aim for a L/O at that point. The only motivation here is him being out of state. Nothing is known of what he would accept. Be creative, yes. Work miracles, a little harder.
Help Structuring a Deal?? - Posted by Allen
Posted by Allen on October 14, 1998 at 07:51:09:
Help,
Trying to put together a deal in Fairview Heights, IL for no money down. The home is 109k, owner is out of state military. There is an agent involved (REMAX), so I have to deal with commission. There is almost no equity in the house, and I have almost no funds. Can anyone tell me of a lender or a method than I can employ to put this deal together ASAP. You help is greatly appreciated.
Re: Help Structuring a Deal?? - Posted by Ed Garcia
Posted by Ed Garcia on October 14, 1998 at 10:07:21:
Allen:
The advice Bud gave you would be my first choice. However there are several
things that you left out.
(1) What are your intentions with the property?
(2) Do you plane to live in it?
(3) How is your credit?
The reason these questions are important is because if your intentions are to live
in the property, and you have good credit. You can go to a mortgage broker and
get 100% financing. In some cases you can even raise the price and the lender
will allow the seller to pay up to 6% of the closing cost.
If your intentions are to buy the house for resale. Then your better off just doing
a flip, because there is not enough equity to warrant loan cost and debt service
for the period of time it would take you to sell the property.
Ed Garcia