| I assured him that there were other ways to... 359 |
[Feb. 11th, 2010|03:47 am] |
I assured him that there were other ways to finance a property other than through the bank
We looked for a house for two weeks, a house that would fit all the criteria we were looking forThere were a lot to choose from, so the shopping was kind of funFinally, we found a 3 bedroom 2 bath home in a prime neighborhoodThe owner had been downsized and needed to sell that day because he and his family were moving to California where another job waited
He wanted $102,000, but we offered only $79,000He took it immediatelyThe home had on it what is called a non-qualifying loan, which means even a bum without a job could buy it without a banker's approvalThe owner owed $72,000 so all my friend had to come up with was $7,000, the difference in price between what was owed and what it sold forAs soon as the owner moved, my friend put the |
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