Posted by Michael Morrongiello on January 11, 2001 at 23:21:39:
Agree to take title “subject to” the $45K mortgage, then do the $7K in repairs quickly (assuming you can fund these on your own). You now have a home worth $75K that you are into for around $53K -$55K. When you retail the home to an owner occupied buyer the other loan will be paid off.
Explain this to the seller and gauge his /her interest
Michael Morrongiello
I need help with a deal - Posted by Shenita
Posted by Shenita on January 11, 2001 at 20:06:15:
Has there ever been a situation, when the investor offers a price less than what the seller is asking? Here’s the deal. The seller has a $45000 mortgage on the house. This is his asking price. The house needs $7000 in repairs. Appraisal value after the house is repaired: $75,000. Investor is asking $30000, another investor is asking less. I’m really becoming discouraged about finding an investor who would offer more. These asking prices are pretty firm. I’m not sure how to structure this deal. If I haven’t confused anyone, could you please help me out.