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Updated over 7 years ago on . Most recent reply

AJ Angel's profile image
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AJ Angel
  • from San Clemente, California
  • Member since Nov 5, 2017
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AJ Angel
  • from San Clemente, California
  • Member since Nov 5, 2017
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AJ Angel
  • San Clemente, CA
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26
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Real Estate Deal Analysis & Advice

Understanding RE terms

AJ Angel
  • San Clemente, CA
Posted

What does this all exactly mean?  thank you for your help.  

ALL CASH, NEW LOAN OR ASSUME EXISTING 5% INTEREST/30 YEAR FULLY AMORTIZED LOAN WITH APPROX. $176,000 BALANCE (8% INTEREST STARTING IN SEPTEMBER 2018). NO ASSUMPTION FEE! 

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Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
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Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
ModeratorReplied
Originally posted by @AJ Angel:
Thanks for the info. If I don't have the cash what's the best option?

Get a loan.  The listing allows for either getting a new loan or assuming the existing one.  The terms on the existing loan don't look too good, though.  But maybe easier than getting a new one.  Be careful that you're not paying too much for the property because of the (potential) ease of getting the loan.

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