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newbie question

This topic contains 7 replies, has 0 voices, and was last updated by Avatar of rick rick 14 years, 1 month ago.

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  • #2296
    Avatar of rick
    rick
    Participant

    I have an owner who is selling for 330k.
    They have a line of credit for 200k with a fixed rate of 6.94.
    No other loans.
    They said they would be willing to leave the 200k in place.
    Because it is an LOC, instead of a mortgage, does that make a difference?

    thanks, :lol:

    Rick

    If you believe, you can acheive!

    #16716
    Avatar of mike_mn
    mike_mn
    Member

    Methinks it would be better for them to refinance into a closed ended loan.

    The reason is that there is no way to shut off the draw ability of the settlor.

    BTW, I wanna know who is doing a fixed rate LOC…how did they find those terms?

    #16717
    Avatar of bill_gatten
    bill_gatten
    Participant

    If you are one of us, you’ll find a heloc freezing letter in your documentation manual. They can freeze their credit line, eliminating further withdrawals; though with some heloc lenders they can foreclose if the borrower stops using or freezes the line (a tiny percentage…most want the continuing revenue).

    Bill Gatten

    #16718
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @bill_gatten wrote:

    If you are one of us… Bill Gatten

    If you’re not, shame on you.

    Hey, you know what, that would make a great Elevator Speech.

    Reply: “Well, if you were one of us you’d know, wouldn’t you”?

    #16719
    Avatar of anonymous
    anonymous
    Member

    :oops:
    :roll:
    :lol:

    I am not one of you , however,I will be knocking at your door very soon, Scott. I hope it will be open?

    Thank’s Bill. I’ll do a little more digging to find out about the freeze and a little on the locked in 6.94 from Chase.

    I see a couple red flags and will post what I find out.

    If you can believe, you can achieve!

    Rick

    #16720
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    I’ll leave the light on for you.

    #16721
    Avatar of corkhorner
    corkhorner
    Participant

    Set Code Ring:

    Motel 6

    How many ya got?

    :)

    #16722
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    How many do you want. I can get options on them all. Show Me The Money!

    #16723
    Avatar of rick
    rick
    Participant

    The original listing said: manufactured home on a foundation.

    Upon talking with the owner, it is what the county calls “tyed down”.

    I asked if it was real or personal property and she said it was personal property. I guess that makes it a mobile. Is that correct guys and gals.

    I’m a little perplexed as what to do now.

    I have 2 units.

    one 4 bd 2bth manufactured home renting for $1295
    one 2 bd 1bth SFR renting for $695
    on 1.5 acres
    both great renters according to the owner

    couples parents ,from the 2bd, tried to buy the property that is listed for $330k but financing fell through.

    again we have:

    330k list price
    190k loan at 6.94%
    10k LOC variable
    excellent credit

    owner wants 250k and will carry the balance.

    also, the deed of trust has Chase bank as the Trustee.

    Maybe that explains the Credit line?

    It looks like I have a ready, willing, and able buyer in the property already.

    What does everyone think.

    How can I put this deal together?

    1 deal= NARS member

    I appreciate the comments

    thanks, :lol:

    Rick

    If you believe, you can acheive!

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