|
Ad ID: 63915026
Visits: 117
|
|
Street address: Las Vegas
View map
Location:
Las Vegas
Date Listed: Jul-21-08
Best deal you'll find! Even though there are cheaper bank owned units, and you'll maybe save $26,000 off the purchase price. However, if you plan on using your own credit and getting your own loan you'll have a larger out of pocket expense.
For example, if you can buy a bank owned MGM unit for $289,000 you'll need at least a 30% down payment. That's $86,700 for the down payment. Plus you'll have loan fee's, which will be approximately $5,000. That means you will need to have $91,700 to buy that unit. So let's compare the two deals next to each other. MY UNIT: Sale Price: $315,000 ($50,000 down & take over my $265,000 loan) $50,000 down payment & take over my loan (no loan fee's for you!) $3,000 closing costs (escrow & title insurance estimated) TOTAL OUT OF POCKET: $53,000 BANK OWNED UNIT: Sale Price: $289,000 (all cash or you need to get a loan) $86,700 (30% down payment on $289,000 purchase price) $3,000 closing costs (escrow & title insurance estimated) $5,000 loan fee's (origination, underwriting, processing, junk fee's) TOTAL OUT OF POCKET: $94,700 What we learned: It'll cost you $41,700 more to buy a banked own unit. That's almost twice as much out of pocket expenses. Plus you'll have to use your credit, and qualify for a loan! Double negative! Why go through all that headache, when you can come in with less funds at closing and not risk your credit! About my unit: Strip View Jr Suite (520 sqft) 1st Tower Remaining loan bal $265,000 
|
|
