Posted by jasonrei on October 22, 2003 at 12:01:40:
I did some preforeclosures last year, but have never tried a short sale. When I get back into pre’s later this year, I may try to negotiate shorts. Sorry I don’t have useful advice yet.
Can it be done?!? - Posted by Chad
Posted by Chad on October 21, 2003 at 18:57:39:
Looking for a way to pull this one off… I currently have secured a lease option on a home for up to six years.
I want to re-lease option it for: $3-$5k down, $850/month, on a 2 or 3 year lease
I have been advertising the house for about a month and it seems that $850 rent (mortgage pymt) may be slightly high for the area.
I recently came across a woman who is interested in my lease option. She currently owns a home (with her soon to be ex-husband) that is 4-5 months in default. The husband has walked away and will let the house be foreclosed on. They are willing to sign over their house to me with $0 down and giving up all equity ($9k) just to get out from under it. She would like in return, to get into my lease option with nothing down. She has 3 months of steady income with a good job and is looking to get a new start. She can easily afford the $850 rent that I am asking with her new job.
I want to know if it is beneficial to take title on her house while giving her the lease option on mine? My thinking is that I will be able to negotiate with her lenders to create a profitable situation for myself with a short sale. In my novice opinion I think I could potentially end up owning two homes if she doesn’t excercise the option.
Looking for any input or advice!
Thanks! Chad
Re: Can it be done?!? - Posted by jasonrei
Posted by jasonrei on October 22, 2003 at 11:01:25:
Sounds good, if you can do the short sale and if you have a cash reserve set aside.
Re: Can it be done?!? - Posted by Chad
Posted by Chad on October 22, 2003 at 11:24:50:
Would I need to contact the 2nd first or the 1st note. Also, Am I looking to buy the notes at a discount or should I just get them to discount them and then either sell the property or refinance. Thanks for your help.