JPiper, Ed Garcia and seasoned investors - update on post below - Posted by Jim-WI
Posted by Jim-WI on May 29, 1999 at 09:49:45:
First of all, I appreciate everyone’s reply to my posting below. My wife and I were reading them over and all we could say was WOW! Thank you a million times over for your time and replies!
Here’s an Update on what happened at the viewing of the house. After we had walked through the house, I asked her a few more questions and tried to get the loan information out of her. She honestly did not seem to know anything about the loan. Seems her husband takes care of most of that as she mentioned to me during the walk through.
Well, just as I was about to give up on getting this information, she mentioned that they always put 20% down on every house they buy to make the payments lower. I thought this was good info for us since we had called the city assessors office before seeing the house. Seems they bought the house for $178,100 and 20% down would mean their mortgage is about $142,480. With 4.5 years of payments I figure it would be around $140,000 which is what I would have offered the first time. Is this still a good offer?
So I guess the next step is to make an offer. Where can I obtain a purchase offer contract that most of the investors here on CREOnline use? The seller’s husband is also an attorney and they said they could provide us a contract but am leary about whose interest it favors.
Thank you all in advacne for your help!
PS The lady seemed to be pointing out that her cost per square foot was about $5-10 cheaper than other houses in the neighborhood. How many use this cost in making offers?
PPS Seller also mentioned they are moving at the end of July to new location even if house is not sold. When is the optimal time to put the offer in?