Posted by BillW. on March 21, 2001 at 23:36:31:
Jeremy, Ask their realtor if he will personally guarantee this and back it up by agreeing to buy the property himself from you for the 115K.
I woulkd ask myself , "why would these buyers pay an extra 15K in only three months to buy this property back? Furthermore, if theycan generate 15K in only 3 months, why don’t they save it right now?
I’d look into this a little closer.
BillW.
Need help with a possible deal - Posted by Jeremy FL
Posted by Jeremy FL on March 21, 2001 at 11:21:19:
Called on an ad today and was presented with a possible senario:
FMV=115,000
2 mortgages
1st=95,000
2nd=35,000 will discount to 3500
$98,500 asking price. Usually I would not go near a deal this skinny, but there is a twist. Buyers want to stay in the property. Their realtor assures me they can and will buy back the property in 3 months (after fixing their credit) for $115,000. They will also pay $950 a month until then. Their realtor also assures me that I wouldn’t have to do a thing to the house. WOuld you do this
deal, is it legal, and how would you structure it.