- Joined
- Jan 7, 2008
- Messages
- 127
Hello Quick Turn members
I'm looking for some advice from Alberta members on a purchase I want to do.
House with ARV of 215 K. Prof. appraised at 215 K for the bank
Can purchace with AFS for 170 K . Seller(Scott) needs quick sale to be able to move to B.C.
The home was sold to my seller by original owner(Gabe) via owner financing. A mortgage for 120 K was created 5 years ago. Gabe owned it free and clear at time of sale.
Now 80 K owed to gabe
Monthly payment 945./mo. (5.25 % until 2021 no early payout penalties)
Taxes 225./mo
Has a legal 2 bed, suite 750./ mo.
Prof. appraised at 215 K
My cost is 170 K
Internally it requires updating, has older kitchen and bath from eighties.
House are selling for between 225 (older 3 bed -2 bath houses) to 400 K (new bigger houses) in area. Developing alot of 3 and 4 bedroom large sq. ft homes.
Seller (scott) is behind 6500. in property taxes, but city has not yet filed this against title. I pulled title
Loc. Ottawa
My ques is how would you proceed with purchase contract and how can I incorporate the existing mortgage?.
Would you build in discount as Ron L. says for early sale?
What about capturing mortgae paydown over the period I RTO property. -Use a cash on closing clause?
Any other comments including anything to mention to Lawyer (knows AFS procedure) to ensure all bases are covered.
This is my first Quick turn purchase.
Could you cover a play by play account of your ideas.
Thanks
Steve
I'm looking for some advice from Alberta members on a purchase I want to do.
House with ARV of 215 K. Prof. appraised at 215 K for the bank
Can purchace with AFS for 170 K . Seller(Scott) needs quick sale to be able to move to B.C.
The home was sold to my seller by original owner(Gabe) via owner financing. A mortgage for 120 K was created 5 years ago. Gabe owned it free and clear at time of sale.
Now 80 K owed to gabe
Monthly payment 945./mo. (5.25 % until 2021 no early payout penalties)
Taxes 225./mo
Has a legal 2 bed, suite 750./ mo.
Prof. appraised at 215 K
My cost is 170 K
Internally it requires updating, has older kitchen and bath from eighties.
House are selling for between 225 (older 3 bed -2 bath houses) to 400 K (new bigger houses) in area. Developing alot of 3 and 4 bedroom large sq. ft homes.
Seller (scott) is behind 6500. in property taxes, but city has not yet filed this against title. I pulled title
Loc. Ottawa
My ques is how would you proceed with purchase contract and how can I incorporate the existing mortgage?.
Would you build in discount as Ron L. says for early sale?
What about capturing mortgae paydown over the period I RTO property. -Use a cash on closing clause?
Any other comments including anything to mention to Lawyer (knows AFS procedure) to ensure all bases are covered.
This is my first Quick turn purchase.
Could you cover a play by play account of your ideas.
Thanks
Steve