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Updated over 5 years ago on . Most recent reply

User Stats

38
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11
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Allan R.
  • Rental Property Investor
11
Votes |
38
Posts

Recieved a verbal offer on a property, pls help decipher

Allan R.
  • Rental Property Investor
Posted

Have a property for sale that I owe 130k on the mortgage. Recieved (I'm guessing a verbal) offer that states:

Offer Price:$229,000

DN pay: $10,000

Assume existing loan.

Yes I have already asked my realtor to ask what the buyer means. Any thoughts?

Most Popular Reply

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23,418
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,508
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23,418
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

Translation....”I only have $10,000, no chance in hell of qualifying for a loan, looking for a sucker to finance a house for me with 5% down” .....or, “I’m a wholesaler looking to flip it to some other unknown person, described above”.

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