Re: Need help working a deal with owner finance property - Posted by Joe
Posted by Joe on April 19, 2000 at 11:20:52:
With out all of the details I can’t give you exacts, but here is my take on the situation.
Seller owns the property free & clear, or is into a mortgage for about 20-25K. He either wants to walk with some cash or needs to pay off the mortgage.
You have some cash, but not a lot to get into this property.
Here is a way to structure it:
160,000 purchase price
6,400 approx. closing costs
88,000 1st mortgage with a lender (cash available to seller at closing)
72,000 seller financing
8,000 down payment
6,400 approx. seller paid closing costs (negotiate that if they agree to pay closing costs you may be able to get them more cash than they needed initially)
Bottom line: You get into the property for little cash & the seller gets the cash that it seems like they need. I know this is a little vague, and I don’t know all of the details, but shoot me an e-mail, if you want more information or need a lender.