Kim . . . what the heck are you doing? - Posted by JoeKaiser
Posted by JoeKaiser on January 31, 2000 at 22:50:29:
Kim, A for effort, but this looks to be a perfect example of going into a deal without really knowing what’s going on. Here are a couple problems I see:
“we settled verbally on 70,000.” What does that mean? How can you “verbally” settle on anything? Answer. You can’t.
“the contract says I have the right to assign . . .” Just a guess here, but it’s likely the clause is not what you believe it to be. Clauses such as this are not usually “gifted” to you.
“I was going to list it for 90,000.” You’re going to list a bank owned property before you own it? How?
“If I couldn’t dump it I was going to offer to pay for closing costs.” What are you saying? That the bank will just write you a new loan just like that?
“I called several brokers . . . they acted like I was crazy and never heard of what I was trying to do.” Ya know, I’ve never heard of what you’re trying to do either, and I’ve been at this a long time.
“Since the bank put in the right to assign . . .” Again, not likely what you think it means.
It all comes down to - you’re in over your head. It looks to me like you’re just mucking around and creating havoc without any clear idea of how to pull this sort of thing off. You likely need a partner with cash or credit to get this thing off the ground.