Re: Which way can I proceed? - Posted by GL - ON
Posted by GL - ON on July 02, 2003 at 07:15:45:
There are at least 100 ways to do this deal, depending on what you are trying to accomplish. Let me ask a few questions and see if we can come up with some ideas to help make this a win/win deal for both of you.
Is is for an investment? Is it to live in? How is your credit? Can you get a mortgage? Do you own any other property?
If you don’t own a house, and you want this one to live in, just go to the bank and get a mortgage, give him the money, plus a down payment and you are in. That’s standard.
If you don’t qualify for a mortgage, have him refinance for as much as possible, put the money in his pocket, and sell you the house subject to. He gets the money, you make the payments.
By the way you already have found the gold - a seller who likes you, trusts you and is willing to work with you. Now all you need to do is figure out a deal that satisfies both of you.
If you give me more details of your situation and his situation, I can give you more ideas.
The best thing might be to find out what the seller wants out of the deal. Maybe he doesn’t need all cash, or he is going to use the cash for something you could trade him for.
There is always a way to make a deal that is good for both parties.