Posted by STEVE on February 14, 2000 at 20:11:10:
OK here is the information down and dirty. I do not see it worth my time but then again I am new so i need your input.
I live in Florida
- The house is in Alabama
- Appraised at 75K
- Amount is owed is 46K
- There is already a L/O in place and the people have been very faithful in paying
- The original loan is assumable
- the option money was 6,500 a year for 2 years
- The seller wants one of the 6,500 now for me to assume
- The people pay the amount of the mortage only including PITI ( No Extra)
Now that means if all goes well, then I would get my $6,500 back this year and then 1 more payment next year. And that is all. Now if they default then I can see a good deal here. BUT if they don’t, well all I would get is my orifinal payment of $6,500 and then one additional $6,500. the only thing I can think of is the possibility of Tax credit and depreciation.
Any thoughts? And thanks in advance