Pre-freclosure. Tie up the property via contracts, list in paper as 110k property to pre-qualified buyers. Get the mortgage co to waive foreclosure (have homeowner make payment -you’re saving his credit). Find buyers via RE offices.
Find yourself a cash buyer/investor - split the value of the house after you sell or assign to him/her your position.
There’s other ways, but basically you’re needing to get themortgage comp to slow down (if possible). Money/purchase is the only thing that they usually listen to though.
What city is it in and how’s the market? Sounds like a good deal as there’s tons of equity. I’d hate to pass on that one…I’ve got a money guy who loves to buy these from me for a little bit of cash so he can have them.
Posted by Natalie-VA on July 23, 2007 at 19:11:11:
When I get a good deal like that in front of me, I get it under contract and close within a couple of days. I hate to take the chance that something (or someone) changes the seller’s mind. I’m assuming the seller agreed to sell to you for 70k? I would offer them 80 or 90k to give them some walking money. No need to be too greedy.