creative Financing HELP! - Posted by shannon wallace

Posted by Randy on August 02, 2003 at 10:10:45:

Shannon? sounds like a short sale to me. The first thing is the builder must agree in advance to sell it to you. You can?t just go around him to his bank; they will not/can not even talk to you without written authorization to release information about the loan. Until the foreclosure occurs you have to deal with the builder?.

The second thing is you still have to deal with the IRS and mechanics liens. This can be done but at an additional cost and delay of 30-60 day?s.

Then there is the cost of finishing the project. Do you have solid estimates for that?

creative Financing HELP! - Posted by shannon wallace

Posted by shannon wallace on August 01, 2003 at 21:47:53:

I have come across a new construction that is not completed the builder is going through foreclosure on the construction , it’s a 3br,2fbth,hbth, formal dining-separate living rm w/18’ ceilingm solid rock fp, island kitchend, breakfast area w/bay window, mstrbath has roman tub/separate shower, his/her vanities, rock stucco exterior. He owes the bank 140,000.00, he has a federal tax lien of 33,000.00, a mechanic’s & materialman’s totaling 14,000.00.I had a contractor with me when I went to look at the property and I have taken pictures of the unfinish work plus I have taken pictures of other problem area. I plan to take the contractor’s findings and my pictures to the bank to make a lower offer(BUILDER WAS ASKING 240,000.00 NOW ASKING 185,000.00 )I want to offer 100,000.00