Posted by Russ Sims on January 28, 2000 at 23:31:33:
Owner refinances to pull cash out, lets say 30K, and YOU make the payments for him under a lease/option plan. Now the owner may object at taking a mortgage out on a home they own free and clear, because the feeling is that it will lessen their chances of getting a mortgage on the new home. But lending institutions will credit from 75-90% of your lease payment to them as income.This will nearly negate the negative influence of that first mortgage.Please turn CAPS OFF. It’s considered “yelling”.
WHAT COULD I OFFER W/ THIS SCENARIO?
CONDO 2/1/1 $42,000, FREE AND CLEAR. HE SOUNDS FLEXIBLE,
BUT WANTS EVERYTHING ($42,000) UP FRONT (TO USE AS A DONW PYT ON ANOTHER HOUSE(HE IS GETTING MARRIED)). MY CREDIT IS RATHER POOR, BUT I HAVE SOME CASH. I WOULD RATHER NOT USE MY CASH, AND HOW DO I PRESENT THE OFFER, IF I HAVE ONE? DO I TRY TO GET A MORGAGE THRU A BANK? HOW MANY YRS?
ANY ADVICE WOULD HELP. P.S. ASAP SINCE THERE ARE OTHER INTERESTED. taxes $412/yr, dallas taxes 126/yr.
ERIC tommy99@yupimail.com