newer than NEWBIE... - Posted by Ryan

Posted by Bill K. (AZ) on May 04, 1999 at 17:27:00:


There’s not much information to go on here. The next thing I would do is find out the seller’s motivation. It sounds like his motivation is to take advantage of someone.

Let me point out the one major problem I see here:

$6,000/month for a $420,000 loan??? On a 30-year loan, that’s about 17% interest.

If you qualify, a new 30-year loan shouldn’t cost you more than $3,000/month. Even a new 15-year loan would cost you no more than about $4,000/month.

Your seller doesn’t sound very motivated. He wants more than 10% down AND 17% interest. Proceed cautiously. I wouldn’t seriously consider the seller’s idea of financing. Unless this home is WAY below market value, this doesn’t appear to be a deal by any stretch of the imagination.

Bill K. (AZ)

newer than NEWBIE… - Posted by Ryan

Posted by Ryan on May 04, 1999 at 16:43:53:

Thank you for even bothering to read this far.
The posts here are inspiring me to change my way of life

having located a house owned by an out of towner-area code on ad-who is willing to lease purchase -ask 470K, 50K down,
6K a month. What would you guys do from here?

Thanks in advance for your time.