my first deal-need advice - Posted by dbass
Posted by dbass on February 17, 2000 at 24:17:56:
I found a great house, 3B2B 1800+ sq feet. a definite don’t wanter. its been on the market more than 2 yrs and is only 3 yrs old. the original owner lost the house and now its unoccupied for 2 yrs. I called the realtor who’s listing it and its for sale for 103K, originally sold for 87K 3 yrs ago. comps in the area are between 100-110K. The realtor said it is an FHA loan and the house is owned by a non-profit orginization who is willing to pay the down payment (equiv to nothing down?) and pay part of the closing costs. I’m thinking of offering 70 cents on the dollar (70K) and trying to sell it for 85-90K for a quick cash sale. would this be do-able with FHA loan and the non profit org owning the house? they also said the loan was not assumable. I would have to qual for the loan which I could do.any help would be apprec.