Should I pay cash or finance this apartment? ?
Dec 11, 2009
in
Commercial Mortgage FAQ
I make only 0/month since I am still in college but I have excellent credit. I’ve managed to save about ,000 to purchase my first small apartment. Currently, it’s listed at ,900 by the bank because it was foreclosed on, and the price has been dropping. Should I tell the realtor that I want to offer ,000 cash? Or should I talk to the mortgage broker she referred me to and try to finance with 25%-50% down? Also, any other tips for buying an apartment and dealing with realtor or mortgage broker?? Thanks!
It’s a 2 room condo in colorado. Thanks.
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2 comments
Wayne S on December 11, 2009 at 8:39 am
The first question I have is: does the apartment need renovations? It has been my experience that places that have been foreclosed on are in pretty bad shape and need some fixing up. Interest rates are still pretty good right now. You would probably want to finance and use the cash for any repairs/fixing up that needs to be done. This is better than financing the repairs because the mortgage rate would be cheaper and is tax deductible.
car253 on December 11, 2009 at 8:39 am
Make sure you pay with a Bank Cashier’s Check.
Never pay cash.
Are you buying an apartment building? Or a Condo? Townhome?
This is probly something common in your area but not in mine. It might help you to post what state your in.
Good Luck.