Posted by Darryl Sandoval on September 21, 2004 at 22:48:15:
What you can do is offer to take over his payments & sell the home with either land contract or lease option. You then sell for full value with owner financing with 5% down. You can give him some of that downpayment or cash him out for some equity when your buyer refinances the land contract or exercises his option.
As an investor you want to be fair as you make money also. So offering some cash for his equity should appeal to him.
DS
Homeowner needs Help avoiding Foreclosure - Posted by steve rosenbaum
Posted by steve rosenbaum on September 21, 2004 at 22:40:04:
I?m trying to help a homeowner who?s trying to avoid foreclosure on his residence. He bought his house about 2 years ago and put 20% down. He is now having trouble making payments. The house was built in 2002 (he is the first owner). It is a nice 3 bedroom 2 bathroom home in an upscale subdivision. It is a real buyer’s market in his area, and homes just aren?t moving. He?d rather make it worthwhile to an investor rather than listing it with a broker. Does anybody have any ideas on creative ways he can make the property appealing to an investor?
Thanks for any advice.
Steve
Re: Homeowner needs Help avoiding Foreclosure - Posted by Anthony
Posted by Anthony on September 22, 2004 at 02:39:53:
Steve,
I would contact Keathel Haynes of The Cedarbrook Group, Inc. He helps people in preforeclosure and foreclosure. keathel@yahoo.com or thecedarbrookgroupinc@yahoo.com
Re: Homeowner needs Help avoiding Foreclosure - Posted by Lee
Posted by Lee on September 21, 2004 at 23:16:34:
It sounds like the higher mtg. rates (or a change in the econeomy in your neck of the woods) has slowed the sales of homes.
Look for and wait for a 50% LTV (Loan To Value) (or less) to do a deal, there is not enough in this one to make it worth while.
PASS (Please)
Lee