Posted by BillW on February 26, 2001 at 21:55:55:
Max,If the owner accepts this offer, and if you have the cash for the down and the payments with a balloon when you resell, then good. You might be able to make some money. If this is your route, be sure to market heavily immediately and try to move this property in a few weeks.
As to the refinance, if you can get 80 percent, the costs will eat up most of the difference between the payoff of 69K more or less and the 80K you might get. If this is your choice, set up the refinance before you close.If your intentionis to put in a tenant, just get new financing from the start.