Posted by JohnBoy on April 03, 1999 at 11:19:47:
Tie it up with your contingencies for 45 - 60 days to close. Put the right to show the property in your contract. If the house is vacant put a clause in your contract that says sellers will give you a key to the property so you can have access to get in to show your contractors, appraiser, prospective tenants, etc.
Then advertise it with seller financing. Find a buyer that can qualify for a new 80% first with you carrying back a second. 80% of $79,900 is $63,200. $63,200 - $50,000 = $13,200 in your pocket at closing plus you will have a second at $16,700 you will collect monthly payments on. Find a good mortgage broker to work with that has good programs available to get your buyer funded.
Another quick way to close on this would be to use a hard money lender. $50k is only 62.5% of FMV. Most hard money lenders will loan up to 65% FMV. A true hardy money lender won’t ask for credit, income, job, etc. They only care about the property, not you. If they care about your job history or credit then they are NOT a true hard money lender.
Sounds like a nice deal. Get it under contract quick before it’s to late. As in, go tie it up NOW! You can’t steal in slow motion.