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Baltimore 4 Unit Apartment Building 100% Financing Deal
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Time left: |
(2/11/2010 10:42:03 PM) |
Seller: |
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Bids: |
8 |
allbpro |
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Current Bid: |
USD 305 |
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Baltimore 4 Unit Apartment Building 100% Financing Deal!
LOCATED IN BALTIMORE, MARYLAND
You are bidding on the right to assume an existing Maryland LLC in good standing that owns only this property and the only debt is the mortgage on this property! When bidding on this LLC keep in mind that you are buying the LLC and the existing hard money mortgage debt and must sign a personal guarantee to the lender. The Winning bidder must pay by PayPal, Cashiers or Certified check within 3 days of Lender's written approval of this transfer.
The Winning Bidder must provide the Lender with a credit report and must have decent credit. The Lender must approve any assumption of the existing loan. If the Lender does not approve your assumption you will not need to pay any fees associated with this auction and your bid will be considered null and void.
This great deal consists of the right to have the LLC transferred to you. The LLC owns a 4 Unit Apartment building consisting of 2-2 bedroom dwelling units, 1-1bedroom dwelling unit, and 1-1 bedroom rooming unit. This was a previous foreclosure and needs work. The LLC owes the mortgage on this property and no other debt. You will need no money out of pocket for this deal, other than the winning bid amount. When repairs are completed you will get $40,000.00 repair escrow from the private hard money lender. All repairs must be inspected and approved by the lender.
Here are the particulars about this property:
Address: 3730 Belle Avenue, Baltimore, MD 21215
Units: 2- 2 bedroom dwelling units, 1- 1 bedroom dwelling unit, 1- 1 bedroom rooming unit. Have a recent(August 2009) Certificate Of Use from Baltimore City. 1 large garage on premises.
Repairs needed: Needs renovation and lead certification to bring property up to Baltimore City rental housing standards. Recommended to be renovated to Section 8 standards.
Loan Amount: $109,000. includes $40,000. repair escrow to be dispersed to you by the lender upon completion of repairs. The repair escrow can be dispersed incrementally as work is being completed. The lender must inspect and approve all repairs before funds are dispersed.
Annual Interest Rate: 10.95%.
Term of Loan: 20 years.
Monthly Payment: $1121.38.
Send an e-mail with any questions and to arrange to see this property.
Ask any questions before bidding.
This is a legitimate great deal and won't be around long.
The owners of this LLC are licensed real estate agents in Maryland.
This auction is subject to prior sale and may be ended early.
Good Luck!
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