Another "Subject to"
Once again, tell me if you see any flaws in this plan......
This evening I talked to the seller of this beautiful home asking price of 163k. They are going bringing in a realtor soon and would have to increase the asking price to compensate for the commission because they want out soon! The home is only 3 years old so they don't have the mortgage knocked down too low yet. The interest is 6.75% and it can be lower, (I think it is 5.5%?) I would like to move into this home myself.
Do you think I should have them refinance and let them keep the difference? They are looking for the cash to use as a security deposit and rent on an apartment. Then do a "subject to" deal?Our credit is not the greatest at this time, so obtaining a loan ourselves isn't going to happen. But we would be able to safely manage the payments.
It seems to work in my little head, what do you guys think?
Also, can anyone recomend a honest Loan Servicing Company?
Thanks once again
Goofy1
Goofy1,
If you tell the actual value of the property from comps in the area and what the mortgage balance is then, I would be able to advise you on how to continue.
John $Cash$ Locke
John
I have to get a hold of them to find out the mortgage balance, I found the comps to be about 161k-171k for the area.
Goofy1