Posted by Garth on March 15, 2002 at 12:32:34:
Thanks for your response. I know you are busy
so I know it takes special effort to respond.
From reading your post and others here is the profile
in a nutshell of what the buyer and seller should look
Seller can cash out notes up to 95% even with none owner occupied buyer
Home buyer should put down 5% and score above 550
Seller should finance at 9% or better fixed rate
Seller has almost zero closing costs
Buyer of house has closing costs about $2,000
House would need to appraise for whatever you sell it for
Closing less than 2 weeks after appraisal
So advantage for seller is lowered closing costs but
buyer may end up with higher fixed rate and higher
closing costs that other 95% investor loans.