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--Help-- Newbe

Posted by Russ on September 27, 2001 at 11:17 AM

A agent told me about a home that was in foreclosure. The sellers husband died and she is a few months late. Here is the deal tell me what you think.

Seller owes $125,000
Home Appraised between 160-$169,000
Real Estate comission 6%
Doc & Title $2000

I am working with 2 mortgage brokers for the best deal in a no money down scenario.

Can anyone figure out what the deal is?

Broker 1 says write up as :

$160,000
$20,000 for closing or repairs
$140,000

Agent (mad) said Can't take $140,000 there is no real money for closing just equity. If I wanted it no money down the price has to be $150,000 - $153,000

Is the agent wheeling & dealing or correct? Any other info would be a great help!!




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