Buying house from private owner, down payment + 60 mos payments????

This deal sounds like you'll have a bunch of instant equity after signing, so unless that dream home that pops up is 7 figures I doubt you'd have trouble getting another loan.

 

I just want to hear about this 50 acres near RRG

 

Triple yep. And on that topic have the house professionally appraised/inspected. A lot of this deal sounds a bit to good to be true, and usually in those cases it is.

But if everything checks out get a 30yr for 100K and move in (or use 20K of the 25K to avoid PMI etc if needed). Before the Ramsey army rips on the 30 yr my reason is lower mandatory payment. A conventional loan can be paid faster and you could make payments on the schedule of 10 years planning on saving the balloon to duplicate the original. However if life nut punches you the ability to fall back to the lower payment could be a major thing on keeping it together. In other words lower the risk even if it costs a little more then pay it off faster to eliminate risk 100% (as it is then yours).

Good luck on your choice and hope things go great for you (OP).

 

Be very wary of "professional" home inspectors. There are a lot of mail order experts in the business. Their contracts explicitly state that they know nothing and are liable for nothing. If you have a friend in residential construction, better to buy him a cup of coffee and have him look it over.

 

Ive had to work with a few over the years. There's good & bad. You can ask for a sample of their report. Ive found the independent ones tend to be
more thorough than company employed.

 

Bumping this old post - what's the preferred link to donate to the AFF? All the RRW links seem to be broken at this point.

 

This didn't work?:
To help save lives and prevent injuries at the race track, please call (909) 654-4779 to donate by credit card (M – F, 9:00 a.m. – 5:00 p.m. Pacific Time); donate via Paypal to [email protected]; or send your tax deductible donation to: Roadracing World Action Fund P.O. Box 1428 Lake Elsinore, CA 92531 Your name will be added to our growing list of Road Race and Dirt Track of contributors

 

That worked - gracias.



@Gorilla George