Posted by TAT on February 18, 2002 at 24:30:53:
Bill,
What if I purchased it via ILC. Would that matter any as far as making the buyer more comfortable? Johnboy mentioned that to me. Beings that this property is overencumbered about 15%, what will the bank sell for on a short sale if they are willing? Will it be FMV. If so, that would not leave any room to sell for cash. What do you recommened?
assigning “subject to” Bill Help! - Posted by TAT
Posted by TAT on February 15, 2002 at 17:25:13:
I am talking with a seller who realizes he can no longer make his payments. He is still current and wants out. He is over encumbered on the property around 15%. He is willing to deed me his property subject to. I am thinking about assigning to a buyer for some quick cash. I would take ownership in a land trust. Do I need to assign intrest of the trust as well as assign the purchase contract? What is the best way to do this? What about the trustee? Any others suggestions?
Thanks,
TAT
Re: assigning “subject to” Bill Help! - Posted by William Bronchick
Posted by William Bronchick on February 17, 2002 at 11:30:22:
You are going to have trouble assigning a contract or a trust do a buyer that is unsophisticated. I learned that one the hard way on my first deal, and lost $1,000.
You are better off getting the deed and trying to negotiate a short sale with the lender. Then, sell for cash. If you can’t get the lender to accept a short sale, give the deed back to the seller.