Posted by James Harris on January 26, 2000 at 24:21:59:
Edna, have you performed a comperable worksheet yet? If the seller paid this price over ten years ago, don’t you think that property value has gone up? Talk with a real estate agent, find out what an average increase has been for the last ten years or so then multiply the selling price then by the rate of inflation or increase in the market. This property has a high probability of being worth about $144,000. And, if he just wants $90,000, well don’t hesitate too long, someone else just might buy it out from under you. If you decide that you buy this property, create a note stating that you will buy the property at a specified amount, over the course of 30 years, then if he wants all cash, sell the note, pay the seller his money $90,000. Pocket the rest. I am a note broker, I will bid on this mortgage right now; I will pay(pending credit check) up to $.92 on the dollar. Which means to you after closing this deal a profit of about $39,000. Minus of course all other costs are paid. Email me soon, if you would like to do this deal.