- Joined
- Mar 19, 2009
- Messages
- 156
HI:
Thanks to a fellow REIN member we have met a gal very interested in doing an agreement for sale on her townhouse (currently empty). She bought it for $115k in 2005 and the ARV is probably about $175,000. It needs about $3500 in repairs.
The mortgage is on a line of credit with an interest payment of $350/month. She currently owes $170,000 on the line of credit because she "refinanced" and bought another duplex as well.
She wants what she owes on the line of credit.
The strata fees are $200/month, so the monthly payment is attractive if we get a tenant buyer in there for 1100/month.
She has also been fined $2500 from the condo board for an insurance deduction, we would like to say we would also take over that debt as part of our offer to her.
So how should we go about the offer, and what other information do we need to find out? IE, is the line of credit only tied to the town house? I would like to offer her around $160K, make all her payments until a future date and then she would only need to come up with covering $10,000 on her line of credit at the end.
Any insights on this would be very helpful.
Thanks Kathi
Thanks to a fellow REIN member we have met a gal very interested in doing an agreement for sale on her townhouse (currently empty). She bought it for $115k in 2005 and the ARV is probably about $175,000. It needs about $3500 in repairs.
The mortgage is on a line of credit with an interest payment of $350/month. She currently owes $170,000 on the line of credit because she "refinanced" and bought another duplex as well.
She wants what she owes on the line of credit.
The strata fees are $200/month, so the monthly payment is attractive if we get a tenant buyer in there for 1100/month.
She has also been fined $2500 from the condo board for an insurance deduction, we would like to say we would also take over that debt as part of our offer to her.
So how should we go about the offer, and what other information do we need to find out? IE, is the line of credit only tied to the town house? I would like to offer her around $160K, make all her payments until a future date and then she would only need to come up with covering $10,000 on her line of credit at the end.
Any insights on this would be very helpful.
Thanks Kathi
