Posted by Tonya Brown on May 19, 1999 at 17:43:52:
I cancelled the other deal and offered the same one to a motivated seller and realtor and Now all i need to do is lear how to create a nte for cash aso that I can rebate money to fix up the property iam also buying a 4family and a souble andd a nother singel for myself and three children the first house is for my husband. Please explan creating your own mortgages and selling them or private mortgators who will loan up to 50% of the ltv or how to do a wrap around mrtgage. The seller has a 35,000 mortgage and the house is appraised at 49,000 repairs will be about $5,000 . how can i get the cash out at closing to so the cosmeti work it needs.
I need to put down 500 earnest money by friday for a house that is going for 57,000 - Posted by Tonya Brown
Posted by Tonya Brown on May 17, 1999 at 08:49:24:
I need ideas on how to come up with 500 earnest money and find a mortgage company that will creatively put u the 57,000 and roll the closing cost into the lone were the sellers get their money and i get the house and cash at closing possibly help!
Re: I need to put down 500 earnest money by friday for a house that is going for 57,000 - Posted by SCook85
Posted by SCook85 on May 17, 1999 at 09:50:37:
I’ll speak first of the closing costs. When you sign your contract you should ask the seller to pay your closing costs and get that in the contract. If this is a home selling under market value, you can ask the seller to bump up the sale price to accomodate closing costs. You need to have an idea of what closing costs will be, perhaps 2500-4000 after all lenders fees etc…
As far as the $500 earnest money goes if this is such a great deal I’m sure that you can figure out some way to come up with it. I’m assuming that from the emotion that you show in your post that you want the house for yourself. If you are looking for this as an investment and you can’t come up with the earnest money how would you come up with the first mortgage payment if you don’t have it rented? Just something for you to think about.
Tell us more details about the home such as value, what it may rent for, and anything else that may help us to give you more options.
SCook85