Posted by Ray S(FL) on March 04, 1999 at 18:21:39:
My first question is what is the fair market value of the property? Secondly, I don’t think I would try to beat him up so bad on the price if you can not qualify for a conventional loan. Is the owner so motivated that he will drop his price almost $20k and hold the mortgage?
First what are you planning on doing with it? Live there or investment? It sounds like a beautiful property. Does it need any work?
To answer your question about closing cost, you would pay upon the closing of the sale ie. when you actually bought the house. Whether buying it through conventional means or owner financing. If the seller would do a lease option then of course this is not an actual purchase. The closing would then be whenever you exercize your option.
Hope I didn’t confuse you.