Please Help !!
Looking for a little help please?
FMV=140k. Seller is selling it this weekend by herself and asking 125k before handing it to a realtor on Monday at which time the price will be raised. I can't even see inside the property until Friday @5, although if it looks like the outside, it's mint. This one will not last just from running the figures, someone will snatch it .
Renters are in place @ $950 a month and would like to stay another 18 months.
Seller has loan but unwilling to let me assume (go figure).
I can purchase with my existing HELOC @ 4.25 interest only (cash buyer as far as sellers concerned)
My plan is to offer 115-120k, since she has already revealed she has already purchased another property and needs the money. Is there another way without scaring the seller off?
My problem is I need my money back out in 4 months because of a spec house I'm having built. Can I get a traditional mortgage on the property and just hold it or should I try to just throw it back on the market?
Should I send a contract her way and put a contingency "deal is subject to my partners approval" so I can get out if I don;t like it. I would only put 10 days for that because I don't like tying up other peoples property for to long (been done to me).
Any help would be appreciated. Oh p.s. this couldn't happen at a worse time, my Ron Legrand stuff isn't suppose to arrive until Saturday.
Thanks
Make her your offer. Buy it with your HELOC. Then go to a broker and get
a loan that does not require any seasoning. There are some new loan programs out there that will let you do it. The interest rate is a little higher and the
LTV is 80-90%
One of my favorite things to do is buy properties in good areas cash at 70-80% of market value and then turn around and put good financing on the
property as long as the numbers pencil.
Best Riches,
Jeffrey Adam
_________________
"The only place success comes before work
is in the dictionary."[ Edited by JeffreyAdam on Date 01/29/2004 ]