Bankrupt... but hopeful... - Posted by E. Allen

Posted by tang-0-rang on March 09, 2000 at 10:01:45:

Why not try to find a Buyer for the property and sell it at the 55k or better, using a simultaneous close. tie up the property with a deposit, or contract with a few back door clauses to avoid legal problems. Find a seller who can get financed without problem, use this to pay your seller and voila…money in you pocket…deal on the shelf.
just a SIMPLE answer, I am sure one of the more experienced investers can handle the best or most profitable answer.
Todd Williamson(CO)

Bankrupt… but hopeful… - Posted by E. Allen

Posted by E. Allen on March 09, 2000 at 09:53:39:

Hey folks I need some help???

There’s a house that I use to rent. It is currently for sale, for $50k, the house is in a very nice neighborhood… 100% equity… home is paid for…

The seller has had the home on the market for 2 years… but no takers… a couple of lookers… but nothing else… Apraisal value is about $55k… owner will take 40k… If I could give her all cash… this house what her inheritance… so she does not want the home… she just wants the cash… no back taxes…

My problem: I just filed bankrupcy… 12/99… any suggestions as to what I can do to aquire this home… I have -0- as a down payment… I know that this could be a good deal … but I just need a little direction… thx…


Re: Bankrupt… but hopeful… - Posted by Craig

Posted by Craig on March 11, 2000 at 18:18:28:

If you are thinking about flipping this…your own credit and money won’t matter. There are private investors that will help you do this, using none of your own money or credit. They can qualify your buyer. And provide funding. You’ve got motivated seller and potential profit of at least $15,000. Sounds great to me.

Re: Bankrupt… but hopeful… - Posted by Bud Branstetter

Posted by Bud Branstetter on March 09, 2000 at 23:56:55:

Other than getting private money at high interest to do the deal you could get her to put a 75% loan on the property with you as the theoretical renter. They don’t check the credit of the renter. You then take over the house subject to by using a land trust. It gets her the money and you in with lower payments than hard money.

You could have had her sell a note but with the recent bankruptcy it may be harder to sell the note. You could get a third party to either qualify for the loan or the note in return for a piece of the equity(future profit).

Re: Bankrupt… but hopeful… - Posted by Terry (IN)

Posted by Terry (IN) on March 09, 2000 at 11:46:19:


What are your plans for the property? Are you planning on reselling or keeping it for your personal residence?

Re: Bankrupt… but hopeful… - Posted by Judy

Posted by Judy on March 09, 2000 at 10:05:31:

Go to There’s an idea there that might work for you. Good Luck