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Rocky Point : Real Estate Advice

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  • Home Buying1
  • Home Selling1
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Activity 5
Ruby Taylor, Home Buyer in Wilmington, NC
Fri Mar 20, 2015
Ruby Taylor answered:
twenty minutes away from the ocean
0 votes 3 answers Share Flag
Don Tepper, Real Estate Pro in Burke, VA
Sat Sep 6, 2014
Don Tepper answered:
You can't do it directly. It's a foreclosure and the bank wants cash.

What you do is find an investor to buy it for cash. Then the investor sells it to you on terms.

Example: Investor buys it for $20,000. Let's say he/she is able to buy it for all cash.

The investor sells it to you on these terms: Purchase price $30,000. $5,000 down. 12% mortgage for 15 years. Your payment: principle and interest come to $300. That should leave enough to pay any property taxes.

If you don't have $5,000 to put down, the numbers on $3,000 are similar: 12% mortgage for 15 years works out to monthly payments of $355, still well below your $400 maximum.

There are a huge number of real estate investors in your area. A Realtor who works with investors should know plenty, including some willing to fund your deal.

Hope that helps.
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0 votes 1 answer Share Flag
Gary Geer, Real Estate Pro in Antioch, IL
Sat Mar 23, 2013
Gary Geer answered:
Toni,
You can't post your home for sale by owner on Trulia. Sorry. There are other sites that allow you to do that.

All the best,
Gary Geer
0 votes 3 answers Share Flag
Deborah E. H…, Real Estate Pro in Brooklyn, NY
Sun Sep 30, 2012
Deborah E. Henry asked:
Ron Thomas, Real Estate Pro in Fresno, CA
Thu Jun 21, 2012
Ron Thomas answered:
The odds are overwhelming that you do not have a Mortgage that is ASSUMABLE:

If you have a problem with the legalize; have a Mortgage Broker read your papers and see if it is possible.

Good luck and may God bless
... more
0 votes 1 answer Share Flag
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