Here’s A Deal For Some Sharp eyes . . . - Posted by Wayne (MD)
Posted by Wayne (MD) on March 20, 2001 at 10:49:56:
Unbiased Opinion Needed Here . . .
My daughter and her husband have been presented with a purchase offer from a neighbor who also is a mortgage broker. For reasons that go far beyond those of simple business analysis and principles, I would greatly appreciate independent third party opinions of the following purchase offer facts:
?Effective Sale Price: $242,500?
?Seller to take back and hold a second mortgage in the amount of $48,000 @ 8% annual
interest, paid annually, due and payable in 48 months from day of closing.?
?Effective sale price will be increased by an undetermined amount to cover buyer settlement costs and to provide for funding for renovations to the property; adjusted sale price, no matter the amount, will not affect your net proceeds.?
Fair market value of the house is approx $290,000. Amount estimated for fix-up $20,000-$30,000 (my personal estimate). The purchaser does not indicate just how much the ?adjusted sales price? will be.
Thanks very much for your input.