Need advice please! - Posted by CK
Posted by CK on February 14, 2002 at 18:11:19:
Hey folks…I need some advice from you experts:
A seller responded to my letter I sent regarding his expired listing. After talking with him, he’s motivated, he wants to move and get out from under an AITD that expires in December of this year.
He owes 470k on the first and 150K on a second…total of payments are $5386. Supposedly, the home appraised for 900k in November.(I believe it, the home is in a very exclusive area, and is 5000 square feet in size, on an acre of land, Southern California). The seller needs 20%, approximately 200k to move on to his next house.
What I am thinking of doing is having the seller refi to wipe out the 1st, and take an additional 200k to facilitate the move. The outstanding second loan he’d take and put on his new home (the holder of the second is flexible and probably would go it for it). Place the house in a pac trust and I’d take it from there. I am looking at making this my primary residence.
How does this sound? Is there a better way to make this happen?