Posted by Ed Garcia on December 30, 2000 at 20:51:56:
When the smoke clears you’ll be in the deal at least $100,000.That’s between 71 an71% with the values you gave. Your sons going to live in the house while you’re fixing it up so I’m assuming that will take care of debt servicing the loan. The obvious, is to contact the seller and see what’s on their mind. What is the MOTIVATION of the sale? Will they CARRY paper? Is there an existing loan? Is it assumable? What is the balance, rate, payment, and time left on the loan?
We know you have good credit, so it’s a matter of structuring the deal for a specific lender. I’ve got a few ideas for you Bob, but I need these questions answered. If you like you can call me at (909) 944-0199 when you get these questions answered.
I want to wish you and your family a Happy New Year,