Is this Do-Able - Posted by Jim
Posted by Jim on February 13, 2001 at 23:48:58:
Seller calls on my ad and says he has a house to sell.
Mortgage is current, but seller wants to move elsewhere because he is a former NFL player and wants to go back doing that. (Whatever)…
Mortgage Balance is $199,500.00 and they have equity in the place. Recent appraisal came in at $240,000.00. They are asking $230,000.00
The current mortgage is at 12.25%! thus creating a high monthly payment!
I presented a “Subject To” offer to them as well as a lease option. They really like the subject to deal best. I told them I can take the house and make their monthlys and give them back a 2nd for their equity of $20K after handing them $5K at closing for their immediate needs. The 2nd will be “NO INTEREST” due to the high 1st mortgage interest rate.
The house is only 6 months old and in excellent condition on an acre and a quarter lot in a favorable area. I should be able to get $25K down from a buyer if I’m providing owner financing no bank qualifying.
What do you guys think of this one?
Good or Bad?