A Assumable Mortgage in the Bay Area CA....What ?

[Robert Rayford]

So I have this SFR here in the Bay Area, CA. and the property has a assumable mortgage/OWC. I am thinking of putting this property up for sale. The plan would be to sale at a premium since there would be no qualifying for a new investment buyer. Here are the numbers, take a look and chime in with anything I may have missed or need to add.

Class C Neighborhood, Pittsburg, San Marco and Oak Hills area

-3bd, 2 ba. 1396sf, Lot 10,700sf

-Offered at $470k

-UPB $331,751 @ 5.5% with a balloon in 5yrs

- 30yrs Amortization

-Section 8 rental allowance in the area is $3052/mo

-Standard Rental $2451/mo

Has anyone else heard of this type of opportunity or this type of deal here in the Bay Area ? 

It's been a while since a wholesale deal has come across my desk for the Bay Area or East Bay. Non the less any other type of creative financing like this. Is this a rarity or the norm ? I do know years ago when I first started this would be a dream deal. But now that I am on the other side of the deal I was wondering if this is a plausible scenario........

This is not a foreclosure nor a Deed in Lieu, DIL . I am refocusing on another targeted market and adjusting my Business Plan thus the reason for the possible liquidation of this area holdings.