Well I’ll be moving out of my apartment this summer and my landlady gave me a proposition. She wants to sell the condo that she is renting to me.
She knows I don’t want it but wanted me to spread the word on a deal she has for it (finders fee to be included).
She wants to sell her 2 bdrm 1ba condo for $5000 down and $500 a month for 10 years.
No closing costs or fee’s. Just $5000 down and $500 a month after that for 10 years paid to her.
Sounds like a hell of a deal. Opinions?
where is it, snap a couple pics
Location? Pics? Sq footage?
lot more red tape than that to ANY real estate transaction, what if she dies, tittle search, ect ect. sounds like a fair deal, but have to iron out quite a few things before you signed anything or exchanged any money.
She wants to hold paper on the deal… that can be good and bad. It usually makes for things easier, but at any point (like the day after your first payment) she can ask you to pay the rest of the money owed to her.
I’m sure that there would be a contract with stipulations against that.
Its located in Lockport, right off of transit, the condo is small I will hve to take a look again to find the actual square footage.
It would be great for an old couple to buy or someone single. Its a bit small for my wife and I thats why we are moving.
Pics later this week I suppose.
what is rent like in the area?
I pay her $595.
But for around here, a 2 bdr that isn’t a POS in a building only 14 year old is between 650-750 a month.
You might be able to find somthing a little cheaper but you will def get what you pay for around here.
Ha ya sounds really cheap.
$10k for a condo? Where is this place?
Yes, if you like the area and can deal with it, you can build value into something vs paying rent and not owning anything but if its in a shitty place with no property value, then you have to really see if you are getting screwed.
Also, look at taxes, condo fees, etc.
$65k for a condo, driveway and such or?
Could be a good deal, but like others mentioned, a lot can go wrong with this kind of a payment plan.
LOL boy the errors in this thread are amazing!
The biggest thing wrong is Zerodaze’s post.She ‘’’‘CAN NOT’’’’’ make you pay it the day after you give the down payment unless it says so in the contract and that would be the shadiest contracts I’ve ever seen and no lawyer would ever let you proceed.This is just like a car payment.You pay for so long then it’s yours.If you want to pay off early you may but they can’t make you.
$10K for a condo? Looks like $65K.
Where about in Lkpt is it as I’m interested.
Few important ?'s that need to be answered.
I know there is a lot things that need to be explained, I asked her to email me exactly what she is looking for.
But again, she was very specific, $5k down and $500 a month for 10 years and its yours. All association fee’s included.
I should have more and pics later this week.
Without seeing it, it seems like a decent deal to me. I’m looking for something like this soon, since I cannot get a traditional mortgage. Excellent credit has no bearing when you are self employed and dont have 2 years of decent tax returns. Lockport is too far for me unfortunately.
fyi, this street has a gas/convinent store at the corner as well as both advance and autozone within walking distance.
Ok got some more info:
Review first:
$5000 down and $500 a month to paid to her for 10 years.
$80 association fee a month to be paid to the condo.
Taxes:
$650 to the city.
$353 to the county.
$400 to the schools.
$1403 total.
Under the basic star program you receive a $450 rebate. Apparently thats what a lot of people have in this complex.
If you buy before November and qualify you could receive a 10% credit from the stimulus package.
Lawyers fee’s and such will be decided between you and the owner.
Pics up tomorrow.
JUMP on this.
how bad are you at math? seriously?
:suicide:
Address/complex name?
Interested if it checks out good. The stimulus plan would cover the down payment, and a tenant would cover the rent and bills. I’m always down for free property.
Moar info is needed.
What do you need?