Posted by Crash(OK) on October 20, 1998 at 21:11:34:
Thanks for the previous advice. I will take you up on your offer for additional help. Here is where I am at:
The seller agreed to sell for $27,000. I gave them a check for $100 as a down payment, and to tie up the property, with a written agreement (signed by both parties) that very briefly outlines the deal. I will follow this up with a “real”, more detailed, contract.
They do not want to seller finance. I think I can get a first mortgage on my home (70-80% LTV, $2,500 closing costs, per my credit union) to cover the entire purchase price w/ hopefully enough left over for repairs.
- Are there traditional lenders that will loan money for more than 70-80% LTV on a primary residence? What about other options? Am I missing something?
- Is the purchase agreement the only paperwork that needs to be completed before closing at a title company?
I sure do appreciate your help! I understand a lot of what is posted on this site, but it is a little different when you get down to actually doing it. Kind of like pre-game jitters.