Posted by Michael on February 13, 2002 at 19:38:46:
If you want a cheaper price, ask for a DISCOUNT! You will never get anything at a reduced price if you don’t ask.
Are you able to pay the $9k in arrearages? Ask the lender if they will give a discount to bring the loan current.
If you L/O the home to a tenant/buyer, when they agree to buy the home, call the lender an ask for a discount for an early payoff. It will only cost you IF you don’t ask!
GOOD LUCK.
Michael, KY.
what to do - Posted by B in Texas
Posted by B in Texas on February 13, 2002 at 15:43:21:
I have the opportunity to purchase a 3/2 brick that needs minor cosmetic work.There are $9k in arrearages, and the principle amt is $56K ($65k total).The PITI is $584/mo.The property will appraise at $75k. The owners have moved out and just want me to take this problem off their hands. I don’t want to pay full price, so how would you approach the lender, and how would you structure this deal? The max amt of rent I could get in the area is $725/mo.