Help With A Deal...funding Options...
I have a great deal on deck but its a bit out of my financial reach...
1st & 2nd = 650k
Appraised value = 850-900k
Seller has said bank is willing to forgive latefees to get payoff of 600k, but he has "under the table offers" to payoff and then get 75-85k from the buyer after closing.
I just dont have the cash to get this bad boy and am looking for options....
Anyone have any suggestions...or ideas ...Id greatly appreciate it!
MJ
first - do not post the same question in multiple forums. that is against the forum rules.
second - further explain "Seller has offers to pay off bank at 600k but has under the table offers for extra cash in the range of 80k... ". Does that simply mean that people are making purchase offers to the owner of 680k and that the payoff is 600k?
If you buy a 850k house for 730k you are paying about 86% of value. Not a great deal. There are lots of ways to work this, but here are the numbers for a buy and sell
650,000 Sale Price
500 Appraisal
500 Inspection
500 Application Fee for Hard Money
19,500 3.00% Selling Costs
6,500 1.00% Points for Hard Money
500 utilities
3,000 insurance
80,000 Owner Payoff
10,000 Fixup
771,000 Initial Cost of House
Holding and Selling Cost
34,667 16.000% 4 months
850,000 Sell Price
25,500 Selling Cost 3.000%
51,000 MLS 6.000%
-32,167 Sale Profit
Brenda, what is your 3% Selling costs?
Tax conveyance is only 1%.
I am assuming a typical sell. It is my experience that when you go to a closing agent, it is about 2.5 - 3% costs to sell a home. And that does include taxes and HOA - sorry.
On a 144k house this is on my HUD
98 proration HOA
464 protated property taxes
175 closing fee
65 abstract fee
50 title examination
546 title insurance
30 courier
10 recording fee
1008 stamps on the deed
10 llc affadavit
481 mortgage company required repairs
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