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mtg tool? 1% under prevailing rates?
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mtg tool? 1% under prevailing rates? wblakesx 02-27-2006
Posted by wblakesx on February 27, 2006, 6:33 pm
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 A real eatate agent wants to structure the sale of a house worth
$300k-330k into a $400k sale with a mtg 1% under prevailng rates (I
guess adjustable yearly) with a 30 year term. If one wanted to sell
such a mtg, would there be a market? Any ideas on how I can find out
what it's worth? Is this terribly oddball? I can see it puts more money
in the agents pocket.


Posted by Jeff Strickland on February 28, 2006, 9:04 pm
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 The sales price has to be supported by comps. If the neighborhood is selling
for 300k, then the bank will lend to the comps, not the Sales Price. I think
I get the question, the answer is, it won't work.




>A real eatate agent wants to structure the sale of a house worth
> $300k-330k into a $400k sale with a mtg 1% under prevailng rates (I
> guess adjustable yearly) with a 30 year term. If one wanted to sell
> such a mtg, would there be a market? Any ideas on how I can find out
> what it's worth? Is this terribly oddball? I can see it puts more money
> in the agents pocket.
>


Posted by wblakesx on March 13, 2006, 5:24 pm
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Comps








Comps- I'm guessing that's "comparable sales".
The idea was for the owner to hold the mtg... , but whose gonna live
30 years.


Posted by wblakesx on March 13, 2006, 5:37 pm
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Comps








Comps- I'm guessing that's "comparable sales".
The idea was for the owner to hold the mtg... , but whose gonna live
30 years.


Posted by Jeff Strickland on March 14, 2006, 7:17 pm
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???

It doesn't matter who lives 30 years, it matters that the LENDER is only
going to lend to the sales price or the comps, whichever is lower. In the
scenario you give, the comps will be the lower of the two.

Yes, comps is comparable sales.




> Comps
>
>
>
>
>
>
>
>
> Comps- I'm guessing that's "comparable sales".
> The idea was for the owner to hold the mtg... , but whose gonna live
> 30 years.
>


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