Posted by Terry (IN) on February 12, 2000 at 09:50:55:
I tried to send you a personal email this morning , but I just received a message that it was undeliverable.
A shortened version of what I said in the email:
Get the owner to sign a Purchase agreement with a closing date in 45 days. (It shouldn’t take that long, but just to give yourself some breathing room.)That should also stop the foreclosure proceedings. Next, have the owner agree to allow you to hold an “Open House” next weekend. Advertise in the local paper all week, “Owner Financing”. Potential buyers will call you from the ad. You’ll pre screen the callers and only invite qualified buyers to your open house.
You’ll tell each prospect that you are accepting full price offers through the weekend and will notify the lucky winner early next week. Create a note and sell it to an investor. By selecting the offer with the best combination of credit and down payment, it is possible to get an investor to finance 90% of appraised value with a 6% to 7% discount. The buyers interest rate would be in the 10% to 12% range.
This is a quick snap shot of how the deal could work. If you need finer details or assistance in locating a note buyer, email me direct.