Posted by dianne brown on May 13, 1999 at 11:02:44:
did you get my reply today?? 5-13-99??
Investing - Posted by Dianne Brown
Posted by Dianne Brown on May 11, 1999 at 12:02:25:
We are looking at a house with a list price of $680,000. Need to move fast this week. Any suggestions of how to buy with $4,000 down??
I’m Concerned! - Posted by dan
Posted by dan on May 12, 1999 at 23:33:25:
I’m just wondering how if you only have 4K saved to buy a house you would be abe to swing more than half a million dollars on a home. I would think even with great credit and owner financing and the whole ball of wax there has to be some concern here. Please not I am not being critical you may have funds tied up somewhere else or something but it just concerns me as to how you could only have 4k available. Interested to know because I would love to here how it works out so I can try it someday.
Good Luck
Dan
We Need More Information - Posted by Bill K. (AZ)
Posted by Bill K. (AZ) on May 11, 1999 at 12:39:02:
Dianne,
You really haven’t provided enough information for a response. What are you going to do with this home? Is it going to be your personal residence? A flip? A rental?
Why do you need to move fast? With a home priced at $680,000, I’m moving a little slower to be sure of my entrance and exit strategies.
Know your market. Is this property worth $680,000?
The $4,000 that you have available doesn’t really mean anything. If you frequent this site regularly, you’ll find that many folks buy property at no money down, and others find good deals that cost tens of thousands of dollars to get into.
More detail would be required in order to respond intelligently to your post.
Bill K. (AZ)
Re: I’m Concerned! - Posted by dianne brown
Posted by dianne brown on May 13, 1999 at 11:54:03:
Thanks for your concern. I do not have funds available elsewhere although I can afford $4,000 in monthly payments. My credit isn’t that great either I was hoping I could go thru a hard money lender although I am not completely sure how they work. Do you know of any in Minnesota??
Re: We Need More Information - Posted by diannebrown
Posted by diannebrown on May 11, 1999 at 15:20:46:
All the homes on this street are lakeshore. The house has 105’ of lakeshore. I have been in the house twice, it is completely brick with cedar shake roof, 6 car garage. 5,354 square footage.
Re: We Need More Information - Posted by Dianne Brown
Posted by Dianne Brown on May 11, 1999 at 13:03:19:
Yes it would be primary residence. House is lakeshore property, have seen this area grow in the last 10 years, home is 5,000 + finished square feet. Neighbor house is over 1mil. Moving fast?? Open house this weekend.
Re: We Need More Information - Posted by Irwin
Posted by Irwin on May 12, 1999 at 07:37:00:
Pardon me for asking this silly question, but if you want this for your personal residence, and it’s a steal at $680k, and you can afford it,(surely, you have more than $4k to work with) why don’t you just buy it straight up? Make an offer subject to getting a loan and then find a lender. Even if the sellers are willing to carry some of the financing, I think you’ll have to have a lot more than $4,000 cash to swing one this size.
Re: We Need More Information - Posted by Bill K. (AZ)
Posted by Bill K. (AZ) on May 11, 1999 at 14:15:26:
Dianne,
The chances of you getting a creative financing offer accepted really depend on the motivation of the seller. I still don’t know enough about this home to give you any definite direction. The neighboring home’s value may/may not help in determining how you should proceed.
Is the neighboring home lakeshore property as well? What is its square footage? How much land is each house sitting on? How long has this property been listed? Have you been inside yet? Is there any deferred maintenance?
I know that, in my area, waterfront homes command a premium and are fully dependent upon the amount of water frontage and overall lot size. Two identical homes on a lakefront can have a price difference of $80,000 in the same subdivision.
So, again, I don’t know what to advise you based on the information you’ve given so far.
Bill K. (AZ)
Re: We Need More Information - Posted by diannebrown
Posted by diannebrown on May 11, 1999 at 15:41:22:
lot size = front = 106.32/ back = 98.13 there is a island of trees in the front, from there to the actual street is 166.57. It has been on the market 3 weeks however it is not being listed thru MLS because the
owners are picky about who comes thru the house.
Re: We Need More Information - Posted by Bill K. (AZ)
Posted by Bill K. (AZ) on May 11, 1999 at 16:43:11:
Dianne,
I guess I’m not getting through. You have to convince yourself of the value of this property. And, in order for creative financing techniques to work effectively, you need a motivated seller. It sounds like your seller may not be motivated yet since the property has only been listed for 3 weeks.
Additionally, I tried to write you directly, but your email address bounces.
Good luck!
Bill K. (AZ)