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ESTAPLACE.COM REAL ESTATE - FREE LISTING SERVICE -
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Nesgroup address: misc.invest.real-estate - Date & Time for the message: Wed, 16 Mar 2005 07:33:03 -0600
/ Author of the message: "Rick Hess" |
Title of the message: |
Re: Owner-finance *confusion*, please give me your 2 cents!
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Text of the message: |
<thelionsden@satx.rr.com> wrote (snip) > I am interested in a home that is offered as an owner-finance deal. > The owner is an investor, and the terms are as follows; > > Home price: $72k (a little above average for the neighborhood) > 30 years at 11% interest, and he said SOMETHING about amortization but > I didn't catch it and have no clue what it is anyway.. > $5,000 down > I'd be expected to refinance within 5 years (and with that rate I'd be > doing it ASAP of course) (snip) Pass, for reasons stated by the other posters. In addition, be aware of these other downfalls: 1. There are many of these guys who will repossess the place if you are so much as 1 day late, even the first time. And they will keep your down payment. In fact, I know some who WANT you to default. I own two houses in a good neighborhood here. These houses are rentals on each side of one |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.