Is this possible to do a owner financing deal on this one? - Posted by Chenel Moore_MD

Posted by Michael Morrongiello on May 04, 2000 at 23:25:08:

Try to get 10% cash down from the prospetive buyer if you can and make sure they have reasonably strong credit and employment stability. Here is a what if scenario based upon “best case”

Sales Price $114,000.00
10% cash down - 11,400.00
Balance to be financed $102,600.00

TERMS for the 90% owner finaned loan; 11% (if you can get it) amortized over 360 months no balloon payable $977.08 P & I per month. No prepayment penalty in the note so the buyers can refinance at ANY time to the best rate they can qualify for in the future.

That note with an A- credit buyer can be converted into approx. 94% - 95% of its balance as a CASH payout to you at closing (this equates to $96,400.00 -$97,450.00) + you keep the $11,400.00 cash down payment proceeds.

To your success & a QUICK home sale the owner financing way…

Michael Morrongiello

Is this possible to do a owner financing deal on this one? - Posted by Chenel Moore_MD

Posted by Chenel Moore_MD on May 04, 2000 at 10:36:27:

Is this possible to do? I am going to sell my principal residence in MD and I am thinking of offering owner financing. How would I structure the following?

Here are the numbers:
Present mortgage on the house :$82,300
Present market value: $114,500
Asking price: $114,000