Re: Help with deal - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on April 24, 2000 at 21:35:58:
I would give her an offer to purchase based on the amount she needed (loan bakance plus 6K or so), make the offer subject to you getting financing.
I would first ask the present lender to refinance the loan, based on the old appraisal. This is a good place to start. If this does not work out you might seek a second mortgage, along with the assumption or subject to of her first mtg. Also if all else fails a hard money lender may be able to help you out, considering the large equity.
It all starts with getting her to sign an offer to purchase, so do that and then get the financing…ED