Help! I think I have found a good one. What do I do now? - Posted by Kim

Posted by Kim on January 30, 2000 at 05:42:51:

What about the due on sale clause? Would that cause a problem with the bank?

Help! I think I have found a good one. What do I do now? - Posted by Kim

Posted by Kim on January 29, 2000 at 12:50:05:

O.K.
Here is the deal. A couple wants to move back to their home state as soon as possible. We met them when my husband sold a Pre paid legal services agreement to them. When I spoke with the wife she is extremely grateful to my husband because PPLS was able to help them avoid bancruptcy. So I am asuming they don’t have very good credit.(neither do we) Anyway, I am pretty sure they would be flexible. The home is a year old, asking $128,000 says she’d go down another $1800, mortgage balance is about $124,000, p.i.t.i. is $1000/month, interest is 6.75%. HELP! We need a home desperately but I know we would not qualify for financing. Is there anything we can do? Maybe if we don’t get it ourselves we could make some money from it? There must be some way to make this work.

Re: Help! I think I have found a good one. What do I do now? - Posted by Steve-Atl

Posted by Steve-Atl on January 29, 2000 at 13:18:26:

Why don’t you just offer to buy the house for what they owe, taking over the existing loan “subject to”. A 6.75% loan is a good one and you could move in without qualifying for a new loan.

Re: Help! I think I have found a good one. What do I do now? - Posted by Erich

Posted by Erich on January 31, 2000 at 13:21:10:

The previous advise to assume is sound. However, you might try an all inclusive deed of trust.