Need Some Information About A House I Am Going To Buy.
BirdDogAndBeginners
Hello everyone, I am the new guy on the block here and have a question for some of you!
I will try to give the short version of the story.
I was notified by a home owner (friend)who no longer lives in TN. His job had an opening in FL. which is where he was origanily from. He had 2 weeks to get to FL. and get settled for his new job.
Home is 12 years old and current market value is 140K, But he cannot aquire financing on the new house he wants due to his current debt ratio. Bank says sell this house and they will finance new house, So im told.
He called me and said I could have it for pay-off $116,500 I would like to aquire this house so that I can have a place for my out of state family that comes to visit , Kinda like a guest house. Will also be a place that my kids can rent when they go off to college. (Maybe
:-D )
What are the next steps to take since there is no agent involed? First time I have bought a home without a REA. There will not be any financing need, I will be paying the mortage company directly.