help with a buyer - Posted by Laure

Posted by JoeB(Atlanta) on March 15, 2000 at 12:37:58:

Hi Laure, looking at your financials, it might work out pretty well for you if you seller-finance the house for your T/B and immediately flip that note for (discounted) cash at the closing table. Talk to a note buyer like AmericanNote (click on banner at top of this page).

Best of success,
Joe Brillante

help with a buyer - Posted by Laure

Posted by Laure on March 15, 2000 at 07:58:33:

I have a buyer who is so close to qualifying it hurts !
Local Mortgage broker who I work with says:

Needs to catch up on child support… about 2k
Needs to have more credit history. buyer ONLY has me as a credit reference as he has been L/O Tenant for a year now. Broker told him to get utilities in HIS name, not wife’s, and to wait a year.

Any suggestions? I am into the house for 51k and his option price is 59k. Also, current appraisal would probably be 69k!! There is only 50/ month cash flow on the deal, so I would really like to get out and use the money to get into some houses with some cash flow.


Laure :slight_smile:

Conver that Lease option buyer to a Seller financed deal - Posted by Michael Morrongiello

Posted by Michael Morrongiello on March 15, 2000 at 18:59:57:

Joseph is right, with over a year of timely rental payments that hopefully can be documeted clearly, and presumably a rental payment amount that would be similar to what their mortgage payment would be, it makes sense to see if you can roll this buyer into a seller financed mortgage that can then be immediatly liquidated for CASH. You then use the cash to clear off the other debts against the property.

To your sucess,

Michael Morrongiello