Asked by Misty, San Antonio, TX • Fri Oct 31, 2008
The house was listed at $172,000 originally FSBO and is now being offered at $159,900. It has been on the market for quite some time and has seen the price come down over the months. I have been told that this person has a floating rate and is paying a high interest rate on the loan. We've seen the house and the realtor mentioned that the owner is from Laredo and needs to get rid of the house ASAP. She said that he'd been getting extensions from the bank as the maturity date for the type of loan he has expired a couple of times already. She was certain that it would go into forclosure since the man doesnt have the money to pay down the principle by 5% as the bank requested (in order to get another 6 month extension). According to the realtor the house was aquired for about $115,000 in 2007, at which point the owner was paying 10.25% and now is paying 8% interest. The outstanding balance on the loan is $102,000. Any advice?
Real Estate in San Antonio
Popular Categories in San Antonio
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!