Posted by TRandle on January 19, 2001 at 10:30:43:
Charity,
Thanks for the clarification. I figured there was more to it, but the limited information in your initial post painted a picture of you that was contrary to the impression I’ve received from your other posts. Since everyone is on board, why not just assign your brother-in-law the contract so you won’t have to worry about the seasoning?
How do you flip to retail buyer? - Posted by Charity
Posted by Charity on January 18, 2001 at 20:02:54:
I have a home I can get under contract for the loan balance of $60K. Seller just wants out of landlording. Just so happens that my brother in law is interested in buying the house from me. He would pay $75K (fair market value). He will have to get regular financing. How do I do this deal? Is title seasoning going to be an issue? Do I just put it under contract and do a simultaneous closing? My main concern is the seasoning issue and how to get around it since he will be putting very little down and won’t be able to just pay me for the difference.
Charity
not really my business - Posted by TRandle
Posted by TRandle on January 19, 2001 at 10:04:25:
Charity,
It’s none of my business, but I was curious. Why would you attempt to make 15k off of your brother-in-law? If he can qualify for a loan, he could buy any house he wants within his price range. Is there some other benefit he would receive by buying from you that I’m missing? It’s difficult for me to imagine selling a family member a house I picked up at a discount for full price. Thanks in advance for the explanation.
Re: How do you flip to retail buyer? - Posted by JNeub
Posted by JNeub on January 18, 2001 at 22:28:42:
You absolutely, positively double close that baby, Giving yourself enough time(40 days) for his financing to be in place. There are lenders out there that do loans with no seasoning. All that other stuff mentioned can lead to many complications. I will mention though, that you will never make a living flipping properties for retail. If I were your brother in law I would do a little research and leave that property alone.
Re: How do you flip to retail buyer? - Posted by Jim IL
Posted by Jim IL on January 18, 2001 at 21:35:18:
Charity,
If the seller jsut wants out of landlording, why not get the deed?
If the seller will do that, you can sell to your brother or anyone, anyway you want too.
Once the home is in a trust you can sell to your brother with a Land contract, wrap, or whatever you choose,and after several ontime payments to you, your brother can refi this.
If the seller will not do a subject to deal, try to get a L/C or L/O and then sell to your brother somehow.
And if one title company or lender gives you a hassle about seasoning, go look at and talk to some others.
They are out there.
Good luck,
Jim IL
Re: not really my business - Posted by Charity
Posted by Charity on January 19, 2001 at 10:10:13:
Well, for one, the house would still be priced under market at $75K. I have been working as a real estate agent showing my brother in law houses for 2 years. This home came up and I planned to make money on it (since I have been working with this seller for about 6 months off and on). He finally calls and is ready to deal and I tell my step brother about the home. It is exactly what he wants. He knows I will make money. He will walk in with equity and will most likely qualify for more than the home costs. It is a win-win-win as far as I can see. Not trying to do something bad, but I expect to get paid on a deal I’ve been working this long and he is still getting a great deal.
Charity