Need Counsel
Hi everyone. I need some input on this deal-
Owner wants $95k on $105k house. Loan balance is $92,100 and the loan is FHA assumable. He's concerned about his credit after mentioning the L/O plan which seems like the only thing to work with here. He's monthly PITI is $720 and the house needs about $1500 cosmetic repairs. Any one with any suggestions on presenting offers on this deal? Thanks. 
Couldn't you just take out a loan of your own to buy him out?
If he need to sell I would go for a sub to deal or a L/O.
Why go get money when it's already there, use what's in place and pilot that bad boy.
[addsig]
Quote:
On 2003-11-09 15:03, Tkinungi wrote:
Hi everyone. I need some input on this deal-
Owner wants $95k on $105k house. Loan balance is $92,100 and the loan is FHA assumable. He's concerned about his credit after mentioning the L/O plan which seems like the only thing to work with here. He's monthly PITI is $720 and the house needs about $1500 cosmetic repairs. Any one with any suggestions on presenting offers on this deal? Thanks. <IMG SRC="images/forum/smilies/icon_smile.gif">
I don't want to get my self all tied up in any of my deals. I don't want to get a loan to get the house. I'm trying to be as creative as i can without putting a bunch of my own money into any deal. I guess sub2 and L/O are the only choices here unless someone has a better way. There is always a better way.
Thanks.
It would be a shame to walk away from the equity however, as it seems he doesn't want to hold the loan. You could get a 100% investor loan with a 3% seller concession towards your closing costs, that will get you in for almost nothing out of your pocket. Given the seller's reluctance to hold a loan this seems the only way to do it. Good luck.