Help with deal - Posted by Marlon(OH)

Posted by CH-CA on April 24, 2000 at 17:56:48:

She has a 1 year old loan, only owing 16K on a 43K house? How did she manage that? Large down payment? Appreciation? Sounds like there would be a lot of equity in it, if the numbers are right. Make sure you can look at the appraisal.

Help with deal - Posted by Marlon(OH)

Posted by Marlon(OH) on April 24, 2000 at 17:30:53:

A lady called me today and says she needs to sale her house because she’s moving out of state to be with her sick mother. She said her house was appraised at 43k and she only owes 16k. She wants someone to take over the loan payments of $107 and she also needs 5-6k to move. She said her bank said its ok for someone to take over the loan but the loan is only a year old. Is there anything I can do with this? I don’t have 5k to give her. I’m going to look at the house tomorrow and also look at her loan papers.

Thanks in advance.

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