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Updated over 5 years ago on . Most recent reply
Recieved a verbal offer on a property, pls help decipher
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?
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Wayne Brooks
#1 Foreclosures Contributor
#1 Foreclosures Contributor
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- West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
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”.