Posted by mike on June 23, 1999 at 08:22:16:
buy, using 2nds. sell, using wraps. but if you gotta, you gotta. yu might try looking ahead at what they need but dont know they need to get into the next house. maybe that seller can take theirs in trade, you buy it from him creatively at/after the closing…create the situation that wins for everybody.
need ideas to buy… - Posted by Huey
Posted by Huey on June 22, 1999 at 24:06:36:
Hello all, forgive my ignorance. But this is the best place to pick your brain for a simple task I have here. Please help.
The seller is a married couple looking to move into a bigger house. They are selling their house themselves, so no realtor or broker is involve. They’re selling their house at $160K, a house across the street is selling at $170K with the help of a realtor. The other house did not have any upgrades in it.
I offered them a wraparound, paying them 10% interest for 10 years plus the down payment they need. Current mortgage rate is 7 3/4% for a 30 yr fixed. Their paying 6.5%. There is some equity in that house.
I want to know if there are any other ideas you can come up with that will help me make a deal more interesting and will benefit both the seller and myself.
Thanks a bunch.