Got a house under contract. Need help selling. - Posted by nat

Posted by luke-NC on July 01, 2002 at 24:07:00:

Are you planning on paying the 10k in arrears yourself?
Once you do that, thats the profit! Unless you want to hold this property…

You may have a hard time finding a retail buyer in such a short amount of time. In order to make this work, you’ll have to find a buyer with a good down payment since most note buyers won’t buy this type of unseasoned note without a big discount.

You could try and sell it retail for the payoff amount, then take a 2nd for the difference and sell the 2nd to a note buyer at a big discount…

It doesnt look like you have much room to work with here. But, i wont say its impossible!

The best deals from my experience are the ones where you get a home at around 0 to 70% of FMV. Leaving you with plenty of room for holding costs, repairs, and profit…

Got a house under contract. Need help selling. - Posted by nat

Posted by nat on June 30, 2002 at 23:27:26:

Hello, after four months of working at this business, I finally got a house under option contract. It’s in pre-foreclosure w/$10k in arrears. Payoff is $110k on 7/31. Sellers are willing to do a one-year trust if I can pay off the arrears. Houses in the area have a comp sales of $122-125k. I’d like to do an assignment or sale to a retail buyer, but to ensure I complete the sale I’m open to other options of owner financing w/a note. Any ideas? Thanks for your help!