Creative Financing help? - Posted by Paul in BR
Posted by Paul in BR on January 15, 2001 at 08:52:29:
I am looking at a pre-foreclosure whose owners just want out, and the mortgage company wants an offer for the judgement. I have done an abstract, which is clean, so taking the property out of foreclosure is not a risk (after getting the judgement and the title).
The foreclosing mortgage company company does not originate loans, so me getting a new one out of them is not going to work. The home can be had for $45K-$50 cash, and will resell for $70K-$75K with $2K work (only needs sliding glass and rear entry doors). Other than that, the home is in great shape.
I do not want to do regular financing because of the closing costs involved.
Any creative ideas to get the money on this one?