Quote:
Originally Posted by berettafan
ckelly is righto.
tell him you'll do the deal on one condition:
5% additional in cash (on top of the full price offer) and your 30% gets filed before the banks 70%.
THIS is a deal I might consider living with.
The bank however, will not.
That is your clue that you should not do the deal.
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5% of what figure? 5% of $100,000.00 is very different than 5% of $1,000,000.00. The bank will never take a 70% second. Again, not enough information at this time but Vipergrun could take first position at 70% of value @ 8-10% or more interest only for a length of time then balloon. Buyer could get a 30% second or a higher percentage taking the first down. Puts Vipergrun in a much better position. But again much more information needs to be obtained first.
Also need to know if this is a primary or investment property?