Posted by Carey_PA on February 12, 2002 at 22:02:48:
Now I don’t know your area or anything, but how likely is it that you’re going to find someone that has $15K??
I’m not saying it’s not possible, it’s just a question
CAREY
has anyone done this? - Posted by paul
Posted by paul on February 12, 2002 at 21:27:33:
My partner said this might be a strategy on this deal!!Please let me know.The house is worth 90-93k the balance is 87k and then add 6 payments of 667 would be 91,002 i think.partner wants to get a straight option and try to get 15k down from a non- qualifier and let them assume the mort. that would make up the back payments and leave us making 11k, the homeowner is obviously up for anything,so can this work and should I try it?This almost sounds like something I read on here before,please help!!BTW I’m aware this doesn’t sound like the HIGH ROAD.LOL
Re: has anyone done this? - Posted by wpage
Posted by wpage on February 13, 2002 at 11:04:09:
My advice if you want to make this deal work would be to look for someone with $4000. or $5000. cash. This would be a much faster way to sell a property with no equity. Then for the profit you want to make you could take back a 2nd. mortgage. This would give you a small monthly payment coming in for several years. Do enough of these deals and you won’t have to work. good luck
Re: has anyone done this? - Posted by Brent_IL
Posted by Brent_IL on February 12, 2002 at 22:03:32:
Your partner knows just enough to be dangerous.
Your paying $4,000 for no equity. None. Maybe negative equity.
With that high a LTV it’s a newer loan. If your buyer can’t qualify for the loan, he can’t assume it either. Anyone with $15K and the ability to make the payments on a $102,000 loan can get financed in today’s market. It’s a long shot to expect them to come directly to you.
I’m not saying there is no deal, just re-think the exit. Get the homeowner to kick in something each month.