Discouraged on first possible note deal - Posted by TC


Posted by phil fernandez on January 25, 1999 at 14:47:18:


I would dial 1 - 800 - KARP on this one.


Discouraged on first possible note deal - Posted by TC

Posted by TC on January 25, 1999 at 14:03:36:

Hi Everybody!
Have a bussiness associate that has a home in Nebraska in which she took a first mortgage on in 93 for 48,000 at 6.9%.The note is assumable (non or qualify?).The homes in the area selling around 68,000.
She has had a tennant under an expired L/O that has been in the home for two years that has gotten behind on payments
(paid directly to bank with no positive cash flow),tennant has bad credit and is in process of moving out.
I have told her if she will do a owner finance we can sell to an investor.A realtor sent her a prospect in which the credit has come back with a 524 and 585 scores,5 negatives on report and no positives,So the investor said he could not work with it.Guess it’s back to the drawing board!
I have read several post in which you experienced investors
have gotten very creative.Should I get involved in finding a buyer for this home and if so how would I do so in Nebraska when I’m in Dallas?Should I try to do a L/O or stick with owner finance or?
This home is going into forclosure in about six weeks!How would the experienced go at this?By the way the principle is around 46,000.