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Author Question: Mark Clemens is purchasing Daisy Gatsby's home for 250,000. Daisy has a mortgage for 150,000 at 10.9 ... (Read 96 times)

vicky

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on: Jun 24, 2018
Mark Clemens is purchasing Daisy Gatsby's home for 250,000. Daisy has a mortgage for 150,000 at 10.9 (obtained in 1980). Current loan rates are 14 and Mark has only 25,000 for a down payment. Mark wants to know if there is a financing method other than obtaining a new loan for 225,000 at 14.

Question 2

Air rights and subsurface rights cannot be conveyed independently.
  Indicate whether the statement is true or false


Mollythedog

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Reply #1 on: Jun 24, 2018
Answer to Question 1

Daisy could carry Mark in a wrap-around/subject to sale where Daisy continues to pay her mortgage but finances Mark's full 225,000 at 11-12. She makes a profit and Mark pays less than the 14.

Answer to Question 2

FALSE


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vicky

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Reply #2 on: Jun 24, 2018
Thank you


Mollythedog

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Reply #3 on: Jun 24, 2018
No problemo


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