Posted by Richard - WA on August 13, 2007 at 19:46:33:
You are right and in some ways I don’t think I’ve explained things properly.
The buyer is meeting with me at 11:00 with the $60K cashiers check. They are ready to go. I would be using her money to bring the loan current and the $15K to the brother. The rest I would pocket in a bank, just in case payments are made.
The Seller is meeting me anytime between 10 - 12:00.
I haven’t signed anything around because I knew that I’m the only hope and only one they want to deal with at this point. So there is no concern about losing them or someone else stealing the deal…
As for the Refi - what was going through my mind was options if the T/B didn’t perform in a few years or she couldn’t get financing and/or the need arose for whatever reason that I would need to cash the sellers out…I guess because I am new at this I’m trying to prepare myself for the possibility if something were to happen. Obviously I feel that if I’m doing this deal I should follow through and not simply give the house back because it didn’t work out for me. Is this wrong thinking?
Also, can you explain “things done timely and in the proper sequence.” I am doing so much reading up on this that my head is spinning.
I realize that I am new and probably asking to many questions. For that I apologize. I have to jump in there and start at some point and I’m trying to get as much information from those who have done these deals so that I don’t screw it up and have it turn into an ugly picture.
I do appreciate your comments, those setting me straight, and all the help you’ve provided.