Updated almost 11 years ago on . Most recent reply
Does this sound like a deal worth pursuing?
A lead gave me a call wanting to sell his house. Its a 4/3 with a pool in a cul-de-sac built in 1998. He says he still owes about $179,000 with 2 mortgages. He took out the second mortgage in 2008 for upgrades to the house. The original mortgage is about $52,000 with a 3.81% interest rate and a $424/mo payment. The second mortgage is about $127,000 with a 8.1% interest rate and a $1137.93/mo payment. I don't have access to MLS so I took last 6 months "comps" from zillow and redfin which put the house between $160,000-$170,000. Zillow estimates that his house is worth about $201,000. According to rentometer.com, the average rent in the area is about $1200. (Not a very creditable sources, I know, but gotta use what you have right?...) He is retired military that wants to move back to Panama with his wife since his children are adults and on their own now and he just wants out of the property and out of the country with cash to move. Is there any deal that can be structured to benefit all parties? I haven't closed a deal before and I'm still pretty new to REI, but working hard to find deals, so all feedback is welcome and greatly appreciated! Thanks in advance.