Posted by JPiper on November 05, 2000 at 01:55:11:
Sure…that works too.
JPiper
Foreclosure Situation - Posted by Al
Posted by Al on November 01, 2000 at 18:22:31:
Owner calls me and has a house facing foreclosure. Says he has considerable equity.
In cases where the owner has the equity where do we find the money to pay them? Now I surely will not offer what has in it obviously (Hey! I gotta make some money too ya know!) but what’s a good way to present myself as the problem solver here? He wants me to call him tonite so any help would be appreciated.
Please Help!
I have $0.00 cash in my pocket to work with!
Re: Foreclosure Situation - Posted by dewCO
Posted by dewCO on November 02, 2000 at 24:30:02:
First you need to know what the problem is. What does the seller need and want solved. Then see if the answers from JPiper apply.
With “considerable” equity (whatever that means) you might need to get some of it back to the owner, AFTER you sell it.
Re: Foreclosure Situation - Posted by JPiper
Posted by JPiper on November 01, 2000 at 20:25:59:
You could:
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Tie the property up for let’s say 60% of market, then obtain a hard money loan.
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Tie the property up and wholesale to another investor for cash to close your deal with.
JPiper
Re: Foreclosure Situation - Posted by Augie (So. CA)
Posted by Augie (So. CA) on November 05, 2000 at 01:30:42:
Wouldn’t a second from the seller be an alternative here? Unless he wants to cash out.