If someone could help me out - Posted by Mark Nardell
Posted by Mark Nardell on January 24, 2000 at 23:40:27:
I am new to all of this, but very interested in realestate investing and investing in notes. If there is anyone in the detroit area I would be interested to hear how the market is. I have purchased carlton sheet’s course and thought it was very good, but i have not finished the last couple chapters. I just got it two days ago. Here is my question I love the idea about being able to take cash out at closing. Is it possible to take a higher loan than what the asking price is and than get the rest of the loan in cash at the closing.
Here is the scenario. Let say there is a house with fmv of 90,000 and the seller wants to get out and is asking 65,000 cash. could I get a loan for 80,000 and take 15,000 with me at closing. I would also tell the seller to take care of the fee’s and commision since I gave him what he was asking. I would be getting 10k of equity, too. My credit is good. Couldn’t I just get a loan from a bank or mortgage lender for 80,000. I do not want to put any money down… Than i could sell it for fair market value and possible take home another 10K… How can I convince someone like the bank that this house has a fmv of 90,000 without having to get an appraisal??
If I am way off please tell me. I am excited about realestate investing and all of the great things it has to offer. Thanks for the help…