Seller owns property free and clear!
I just got off the phone with a seller that owns a property free and clear, He is in the process of selling. The motivation is to purchase a new home that is much larger because his kids have moved back home and the present home is to small.
The home:
3bdrm / 2bth, 2 car garage, 10k sq ft lot, home is 1377 sq ft, very clean home in an area right next to school, shopping and public works.
Appraised at 155.900 last month. The home has no mortgage.
Owner is asking 155k but I spoke to him about holding a note for 60k at 8% interest only for 5-7 years, then I would bring in 95k new money (at 7.5%).
He was very interested. He also asked, if I could do this would he be able to sell my note to the seller of his new property? and I told him that - that could possibly work and if it was possible, we should sit down and work out the details.
I am presently working up the comps and should have a better idea about the property tomorrow.
The area where the home is appreciates at 5-7% every year.
Any help or input is always welcome.
Askasalesrep
steve@askasalesrep.com">steve@askasalesrep.com
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