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Buying or Selling a Home/lease purchase
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Question
this man is selling me a house for 20,000 dn. and 500 a month he says they owe 80,000 still on the property but my deal is ironclad what are the pitfalls in this deal?
You haven't given me enough information, Roger, in order for me to give you an intelligent answer. What's the interest rate? How long are you supposed to make those payments? What is your purchase price? No, I need lots more information, Roger.
If your $500 per month goes until it is paid, at 6%, for example, it would go for just over 26 years. I would recommend you get a copy of his mortgage amortization schedule so that you know exactly how much he owes. Does any part of your payments go towards your purchase price?
I hope you haven't stepped into a seller's scam. I do wish you well.
Dick Dennis
dixiedee13@aol.com
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Answers by Expert:
- Dick Dennis
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- John
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- Marvin G. Bobbitt, III
- Nori J. Muster
- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
- CJ Brasiel
- Jeff Kessler
- Kathryn Hisert
- Emily
- Ted Lewis
- Kerrin Kostelic, FL Broker Associate, GRI, AHWD
- Tim Norris
Dick Dennis
Expertise
With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.
Experience
Solving real estate problems for 37 years.
Organizations
National Association of Realtors
Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers
Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate
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