Posted by Stumpper on October 04, 2003 at 07:02:23:
This would be tough to do in my area (St. Louis, Missouri)the bankers like to see the buyer put up some of the money. They will look at it as you have nothing to lose, you can just walk-way. Start with anyone you currently have a loan with. Next talk with a RE agent who deals in Apartments. He/She will know bankers who can helf you out. This sounds like a sweet deal for you (if the numbers work).
Stumpper
i was lookong at a apt building for sale with the owner willing to hold a second mortgage. purchase price is 110,00 the owner will lend me the downpayment, 2nd mortgage for 27,500 and i will have to get a mortgage for the remaining 82,500. how does this work ,where do i go for the 1st mortgage. any help would be greatly appreciated. thanks