Is There a Better Way - Posted by Joe(IN)
Posted by Joe(IN) on October 08, 1998 at 16:28:23:
I am working with a seller who has an old 2 bedroom in good shape (No repairs needed). Seller is motivated because she is elderly, has already moved, really wants out from under the payments, and needs cash to clean up some bills. She WILL NOT do any owner financing, but she will sell to me for $35K. Appraisal should be $48K.
I have a mortgage broker who will give me a 90% loan to purchase for 8.37%. The closing costs will be about $2000. So, with closing cost plus down pmt I will get in for $5500 which I can borrow from a credit line.
I would plan to set up a Lease/Option to sell the house with an “I win if they do, I win if they don’t scenerio.”
The Question? Knowing she will not carry financing is there any better way to do this deal?