Hi guys my name is Ricky, I have to option to purchase (through an owner carry loan) a home that I have been renting. Unfortunately I have a foreclosure that is not quite 3 years old yet so I a don't have the option to go a more traditional route. Any way here are the details of the purchase.
the house has a value of 115k-125k. My landlord is willing to sell me the house for 105k. I know it seems like I am getting a good deal and I think that I am. I had the comps pulled by a local mortgage lender and realestate agent.
He currently owes 82k on the house with a 8% interest rate.
The terms are 10k down and the other 13k by the end of the year.
I take over mortgage payments, taxes and insurance which is roughly the same as what Im paying already.
(my 3 years will be up in June than I should qualify through fha)
So at the end I should be financing around 75-78 k.
We will be writing up the contract with the title company so that everything will be legal. But I want to know what all recommendations that you might have for me? I would like the option to sell the house if I need to, because one of the clauses that he wants to add is a 10k increase in sale price if for some reason I am not able to get financing after one year. Thanks for any advice.