Posted by Woody (MI) on January 31, 2002 at 02:34:55:
Helen, are you planning to flip this house and if so who do you plan to flip it to? A rehabber? Another investor? Why is the FMV so much lower than other houses in the area?
I am assuming that this is a fixer due to the price difference. I also assume that the owner is a private lender and that he will be pretty negotiable since all he wants is to get his money out of it. Have you asked him about assuming the loan? Then at closing assign it to your buyer. Possibly with no payment due for 60 days. I think that is the way I would approach it. Best to you
Working on my first deal with a motivated seller. House appears to have been empty several months, in an executive neighborhood. 2 1/2 acres beautiful european style contemporary home and 2000+ SF. After researching the courthouse I learn seller is actually owner of the company holding the 1st mortgage and the owner of company holding second mortgage. Interesting. Owner was evasive but eager about details but eager to sell. Also found prop taxes are nearly 6mos past due and lien is about to be levied.
Lease option? contract no money down over couple months? My concern is getting the property sold. My goal and need is zero down no up front money. Any advice from the pros? Thanks, Helen
Re: help newbie with best structure plz - Posted by Woody (MI)
Posted by Woody (MI) on January 29, 2002 at 02:39:49:
Helen, the problem I see with zero down is the property taxes are overdue. These would have to be brought current. Other than this we need a little more info on price, FMV, location, etc., etc.
Seller is owner of 1st mortgage company & 2nd mortgage company
Vacant for about 3 months maybe four
Homes are selling for 400,000 up to 500,000 in the neighborhood
Located in the NE section of Cobb County, bordering Roswell GA just north of Atlanta. A growing area
Owner is flexible in many ways.
My desire is to have opportunity to sell the property (having time to market properly prior to ending of contract) and do simultaneous closing.
Bringing the taxes current isn’t too hard an obstacle to overcome for me. I think with proper marketing in a timely fashion this could be accomplished at closing of property. Thank you help. This board is a wonderful resource. Helen