What do you pros say to this? - Posted by Robin C
Posted by Robin C on March 28, 2000 at 05:50:32:
I had a homeowner call me in response to my “I BUY HOUSES” ad in the paper. He says to me " I have a house that I want to GIVE AWAY" I then asked away with the how comes, and
whys and why nots etc. As far as financing is concerned he says there is a 1st and 2nd mortgage. The 1st is $96,500.00 and the 2nd is $12,000.00. Did not know interest rates off the top of
his head (But we will find out when I go to see the property). This property has the largest lot in the community, and comps are approx $118,000.00 to $120,000.00. When I asked why he
wanted out, he said that it was because of a personal matter between him and his neighbor! (Has anyone ever heard of this?) and he wants out of there ASAP. I will be looking at the
property on Tuesday and would like some input on how I shoud go about this, or how some of you guys would approach this deal. Would you do,
(a) Lease Option
(b) Land Trust
© Something else
Oh and the first mortgage is for only 10 years! That makes for a high payment. I am figuring approx $1,100.00 per month! Anyway, any and all suggestions are appreciated.
Your help is greatly appreciated and this site is a great place to aquire the needed information on REI.
Thanks a bunch guys