PLEASE READ!! - Posted by aaron
Posted by aaron on July 14, 2002 at 17:37:15:
Good day everyone:-)
I was wondering if any of you would be able to assist in providing suggestions for how I should structure this deal.
The comps or ARV is between $140-150,000.00 for this home. It is a split-level, 3BR 2BA, on the tax roll it says that the sq.ft. is 850, but I saw the place and that doesn’t seem correct. Maybe 850 per level. Anywho, the house is not a fixer upper. It is in really great shape. It is not vacant however.
The mortgages owed on this property add up to 100k. The owner desperately needs to get out. She is approximately 3 months behind in her payments. What the owner has gone through these past couple of months is just horrible. I really would like to help her out. She says that she needs some money out of the deal to get on. Maybe 10 to 15k. This would make the purchase price somewhere around 110 to 115k. Again, this house doesn’t need any major repairs. Maybe painting here and there, and possibly new carpeting. It is a split level home, has a driveway for 2 cars. The neighborhood is great, nice, peaceful and quiet. Also has about 8,000 sq.ft of land.
Any suggestions out there? I have no money for this deal. Thanks a lot and God Bless you always!!