Asked by Jo Ann, New Berlin, WI • Thu Oct 9, 2008
Fair mkt value $327000 on property. Taxes 5300.00 yr. We are considering offering $350000.00 a Land contract with $10000.00 down. We would like to mortgage this with a bank when the economy settles down. (perhaps in a year or so)
What would be a fair interest rate to offer. Is it true prime plus 3 points? Would $2500.00 a month payment be out of line? All partners have excellent credit cept one has "good" Do you think i am out of line? I DO NOT WANT TO SCARE THE SELLERS INTO THINKING WE DO NOT KNOW WHAT WE ARE DOING!
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