- Joined
- Sep 18, 2007
- Messages
- 16
Hi,
I put a we buy houses cash ad in the local paper and came up with the following lead. A young lady has a Townhouse which her parents cosigned for and are on the title, they have recently decided to disown her. Mortgage balance is $188,000 (penalty to pay out early is $13,000) market value is $226,000 She would like to get back her original downpayment of $20,000. Monthly payments are $1350 and the average rent is $1400. The TD will entertain mortgage assumption we just have to qualify this would save the penalty, interest rate is way too high 6.18% and mortgage expires in Nov 2012. The parents want out now and will not consider remaining on mortgage. This is in BC so the land transfer tax must be considered as well.
If anyone has any thoughts on ways to structure this deal....if it is a deal, I am open to any idea.
I plan to phone the bank tomorrow to see if they will consider making the mortgage a better interest rate.
I know putting our own credit out there is not what Ron taught us but this seem like a pretty good deal.
Thank you,
Kisa
I put a we buy houses cash ad in the local paper and came up with the following lead. A young lady has a Townhouse which her parents cosigned for and are on the title, they have recently decided to disown her. Mortgage balance is $188,000 (penalty to pay out early is $13,000) market value is $226,000 She would like to get back her original downpayment of $20,000. Monthly payments are $1350 and the average rent is $1400. The TD will entertain mortgage assumption we just have to qualify this would save the penalty, interest rate is way too high 6.18% and mortgage expires in Nov 2012. The parents want out now and will not consider remaining on mortgage. This is in BC so the land transfer tax must be considered as well.
If anyone has any thoughts on ways to structure this deal....if it is a deal, I am open to any idea.
I plan to phone the bank tomorrow to see if they will consider making the mortgage a better interest rate.
I know putting our own credit out there is not what Ron taught us but this seem like a pretty good deal.
Thank you,
Kisa