will this be a good deal???? - Posted by florence

Posted by James Strange on July 19, 2003 at 02:43:47:

Would this be a good deal? NO!

She wants more than market value and she is not offering terms.

Quite wasting time dreaming about this one and find something that you can buy for LESS than market value.

will this be a good deal??? - Posted by florence

Posted by florence on July 19, 2003 at 02:08:24:

Hello everyone!
I’m from Hinesville, GA right off-post from Ft.Stewart, and it’s a small town with 5 minutes going everywhere in there… Most of the houses for sale are listed by real estate agents, and I found one FSBO in the newspaper… I’m just starting in the REI, and haven’t purchased my first property yet. Considering my lease ends in Sept. 1st, I guess I’m desperate to buy a property… With the FSBO ad in the newspaper, it has an assumable loan… called the lady and the loan is $56,900 and her asking price is $62K, she has very little equity going with her asking price… I haven’t checked on the FMV of the house yet, but it’s gotta be around 55-58K… She’s not willing to assist in financing, and she won’t do a lease option…here, it’s like people don’t do lease option period… they just want cash deal mostly… Well, here’s what I was thinking, since the seller is inflexible…maybe she’ll consider my offer, but here’s what I was thinking of offering:

  1. Wraparound mortgage with 5K cash (me living in the property)
  2. Double closing, selling on a l/o to the tenant/buyer to come up with an option consideration of 8K(5K for seller and pocket the rest)
  3. Land Contract with 5K cash
    what do you think? I’m looking at some other properties listed by agents on Tuesday, and some of those have VA loans, I’m not familiar with VA loans…I need some advice on this one, I haven’t made an offer yet… I’m just making sure…Thanks, an email would be gladly appreciated…
    Take care,