Making An Offer

cjmacks profile photo

Need expert help. I have a found a great deal. I got the guy to come down to $25,000. and the house is worth $55,000.
It is in great shape and in a nice neighborhood. There is nothing owed against the house. I don't have the $25,000 cash, how can I construct an offer that will work for the seller and for me? Would a 90 day lease option work?

Comments(2)

  • keoki16th August, 2003

    contact a HML or get a loan, or make a deal with an investor..........good luck, sounds like you have a decent one.

  • Samw16th August, 2003

    Hi cjmacks,
    Looks like you are getting the house at 46% of FMV which is awesome condering that the area is a good one and the house being in good shape..

    About the offer usually you say 60 days but you can always have a 90 days closing.Have in your contract subject to financing in 90 days(just a safety catch)

    90 days should be good enough time to scout around for finance:

    Hard money lenders will be willing to lend to you based on the FMV to your purchase price and house being in good area...
    You can also go for conventional mortgage,if you have reasonable credit and a good job (some of them look at your pay history for a couple of years for conventional loans)

    To find the hard money lenders start would be click on the lenders tab on this website..

    As soon as you have your house under contract put it up for sale ,here in TCI and also in your local papers...Maybe you can find a buyer in 90 days and you can even do a double close...

    Good Luck with your deals..Seems like you have landed a good one!

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