Financing in Boston>Question Details

doconnell88, Real Estate Pro in Los Angeles, CA

I've been offered a 30k note. Owner has placed house on the market to pay off the note & mortgage. Is this a bad or good deal?

Asked by doconnell88, Los Angeles, CA Wed May 22, 2013

The new owner is a contractor, beautiful house in a great area. Note would cost me 10k. 12% interest on 30k. I'll get paid when it sells.

0 votes Share Flag Financing in Boston

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Answers

3
Not enough information.
The questions below are a partial start.
Also, who wrote the note?
If it isn't a standard form, has a lawyer looked at it?
If you're not in first place in the debt order, what protection do you have in the event of a foreclosure of a prior lien?
Etc., etc., etc. ...


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0 votes Thank Flag Link Fri May 24, 2013
depends on the value of the home and the underlying mortgages.

If the home value is greater than both then yes it could be a decent deal depending on the amount of time to sell the property.

If the value is below the combined value then it would be a bad deal.
0 votes Thank Flag Link Wed May 22, 2013
Good morning!

Depends on the asking price of the house and how likely it will actually sell!

Amy
0 votes Thank Flag Link Wed May 22, 2013
Hi and thank you Amy! The house is being offered at $830,000 and it is in Norwell. The market is getting better around here especially in areas like Hingham and Norwell. The remaining mortgage without the note is $650,000.
Flag Wed May 22, 2013
Hi and thank you Amy! The house is being offered at $830,000 and it is in Norwell. The market is getting better around here especially in areas like Hingham and Norwell. The remaining mortgage without the note is $650,000.
Flag Wed May 22, 2013
Hi and thank you Amy! The house is being offered at $830,000 and it is in Norwell. The market is getting better around here especially in areas like Hingham and Norwell. The remaining mortgage without the note is $650,000.
Flag Wed May 22, 2013
Hi and thank you Amy! The house is being offered at $830,000 and it is in Norwell. The market is getting better around here especially in areas like Hingham and Norwell. The remaining mortgage without the note is $650,000.
Flag Wed May 22, 2013
Hi and thank you Amy! The house is being offered at $830,000 and it is in Norwell. The market is getting better around here especially in areas like Hingham and Norwell. The remaining mortgage without the note is $650,000.
Flag Wed May 22, 2013
Hi and thank you Amy! The house is being offered at $830,000 and it is in Norwell. The market is getting better around here especially in areas like Hingham and Norwell. The remaining mortgage without the note is $650,000.
Flag Wed May 22, 2013
Hi and thank you Amy! The house is being offered at $830,000 and it is in Norwell. The market is getting better around here especially in areas like Hingham and Norwell. The remaining mortgage without the note is $650,000.
Flag Wed May 22, 2013
Hi and thank you Amy! The house is being offered at $830,000 and it is in Norwell. The market is getting better around here especially in areas like Hingham and Norwell. The remaining mortgage without the note is $650,000.
Flag Wed May 22, 2013
Hi and thank you Amy! The house is being offered at $830,000 and it is in Norwell. The market is getting better around here especially in areas like Hingham and Norwell. The remaining mortgage without the note is $650,000.
Flag Wed May 22, 2013
Hi and thank you Amy! The house is being offered at $830,000 and it is in Norwell. The market is getting better around here especially in areas like Hingham and Norwell. The remaining mortgage without the note is $650,000.
Flag Wed May 22, 2013
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