Re: $500 to the person who successfully helps me - Posted by Jim FL
Posted by Jim FL on August 12, 2001 at 24:32:09:
Rather than have the money escrowed, try something else. I just would not feel comfortable having someone “Hold” my cash, especially an amount like this.
The sister and neice will have to show up to close and sign docs, unless they quit claim the home back to the seller you are dealing with, before that.
Hopefully they will.
I’d not try to hide anything, it is not just my style.
I think I’d tell the seller to get her own ducks in a rowe first, and then call me.
There certainly are other deals to be had, so you may just be wasting your time on this one for now.
But, you seem to want this house, so I’ll take a stab at some ideas here. And of course this also means I’ll have to make some assumptions here as well.
What about going ahead with a price of $123k, and having the seller carry a note for the difference between the $123k and the $91k, at a LOW interest rate, and maybe no payments?
Then arrange a table funding of the second, for a SEVERE discount. I’d make sure that the sale of the home was contingent on the “owner” selling this note at the table.
The seller simply sells this note to someone you know and trust for an amount you are comfortable with, and they in turn allow you to buy them out. (say for, $100?)
You can have all of this arranged ahead of time, and the docs prepared. The note sale does not need to be viewd by the relatives, as long as they give title back to the seller before closing.
If they do not, I don’t see this working without it.
Which they may, if the “owner” can show them a contract for the $123k sale price.
I did make an assumption here. I assumed that there was no lender involved, since you mentioned bringing cash to the close, and not a loan.
If there was a lender involved, I’d not do this, because it would be loan fraud unless it was disclosed to the lender.
If it was disclosed, I’m also pretty sure any lender would not allow this to happen.
I’m not very savvy at structuring notes, so I cannot say whether or not this can be done for sure, but it may be worth a look over by your attny.
You may also get the home under an agreement for deed or something, and have it structured so that should you go to pay it off before the maturity date, the payoff is less than the $123k, perhaps down to the $91k?
Can you write a discounted payoff into a contract sale?
Just a few ideas off the top of my tired head.
Good luck, and if you get this deal done, good for you.
Just send me an e-mail for the address to which you may send the check.
Have a great day,