From: Gordon Reeder 
Newsgroups: misc.invest.real-estate
Subject: Re: Info needed urgently: Buying a house, Capital gains Tax,  lease option buy from owner, and
Date: Wed, 01 Sep 2004 04:42:54 -0000

awickedwit895@yahoo.com (WickedWit) wrote in 
news:f26ee2bf.0408302032.507d1797@posting.google.com:

> Hello,    
> 
> I wasn't planning on buying a house just yet but a friend from work
> bought a 2nd home within the last year for $210,000 and started fixing
> it up with plans to sell it. 

> This is my situation:  My credit is horrible
> 
> My questions are these:
> 
> 1.  Given that I will probably be turned down for both loans,  how can
> I assume his loan and buy the house.  I am willing to get a real
> estate lawyer to draw up the contract contingent on a housing
> inspection.
> 
> 2.  Is there a way that I could assume his loan and save even more
> money than getting financed by his bank(which would eliminate
> appraisal fee and  title search/insurance fee)?  If so, how much or
> what would I save?  Please explain the fees or monies I would save.


Land sales contract.  Amoratized over 30 years payable in 5.
With a wrap around. Have your lawyer explain.



-- 
Just my $0.02 worth.  Hope it helps
Gordon Reeder
greeder
at: myself.com

Where is George Bush leading this country
and what are we doing in this hand basket??