House I’d love to buy - Posted by Michigan
Posted by Michigan on January 07, 1999 at 15:33:52:
My husband and I weren’t really looking to buy a house, nor to sell our current home, but we made the mistake of stopping at a FSBO open house that we couldn’t afford ($245,900).
And, of course, as a result of Murphy’s law, we fell in love. Anyway, the house is probably about $30-50K under MV. The people are building the same house (only bigger than the current 3500 sf, and on 40 acres rather than 10). I thought maybe we could get a 100% LTV mortgage and pay off all of our debts and be able to afford it, as long as we were willing to eat M&C for the next 20 years. Unfortunately, the banks don’t see it that way!
So, then I thought I’d call the owner and see if they’d let us assume their mortgage and buy back a second mortgage, failing that, maybe a land contract, lease option, or just plain rent it to us forever.
Can you believe it? These people don’t have a mortgage. Oops, excuse me, I forgot where I was. Of course you can believe they don’t have a mortgage, it’s me that finds that hard to believe!
Unfortunately, they are not interested in letting us assume a mortgage they don’t have and they are also not interested in a land contract, lease option etc. Any ideas on how I can persuade them?