Posted by Bud Branstetter on May 03, 1999 at 23:44:58:
Does the 461/mo include first and 2nd? Attack the second if he is in danger of losing by the first foreclosing. That is after you have the deed signed but before you record or pay out money.
Once the 1st has a deed in lieu of he has right to possession. He likely will not foreclose on the 2nd. Although, I would not record a deed in lieu of and foreclose anyway.
On the sale end why not advertise as owner financed. If they don’t have the 10% down ask how much extra a month they can pay until they make up the 10% down.
It seems uncomfortable because it is skinny. Wouldn’t it be nice to be doing if there were another 5K or so in equity. Don’t put out money until you see inside. Yes, you are doing him a favor and go ahead and be embarased by asking him to pay something into the deal. The worst he can say is no and the worst you can do at that point is buy with the risk to lose a few dollars or make a few more.