Posted by Terry (Houston) on February 23, 2001 at 15:11:08:
Take charge! Tell them you are about to loose the property. What will a foreclosure look like on your credit report?
You tell them what you can do. If they don’t agree … NEXT!
If a seller is behind - Posted by Val
Posted by Val on February 23, 2001 at 13:50:38:
A few months in their payments, what is the best solutions to this problem?
They owe $4000.00 (3mos) in back payments, and need $1500.00 to move on
Or is this something we would pass on because of the much needed cash to make this work?
House is worth $121000.00 (comps) and in a very nice area, and that $1500.00 the sellers need in order to move on to another place.
What to do?
Val
Re: If a seller is behind - Posted by Bud Branstetter
Posted by Bud Branstetter on February 23, 2001 at 15:41:39:
The way to do this deal is to find a buyer first that is willing to pay you the $5000. Then you can think of paying them. There may be a greater fool out there that will pay more than you and you have to find them. Value can be in the eye of the buyer and someone, easily, can pay more than what you think it’s worth. You might have to have it in a Pactrust to get the payments. I would not be adverse to letting them pay 100/mo of the payment for a couple of years to get me involved.
Re: If a seller is behind - Posted by Terry (Houston)
Posted by Terry (Houston) on February 23, 2001 at 14:15:41:
What is owed on the house? That would help us to help you. What can you get for rents there? What can you get for the down?
Terry
Re: If a seller is behind - Posted by Val
Posted by Val on February 23, 2001 at 14:26:09:
They owe $120000.00 and like I said in a nice area.
$12000.00 down? (I would think I can get that in a strong market) yeah?
I would rather not do rentals… i will go the Owner Financing route, and even on a lease option, I would probably be able to get $5000.00…yeah? , but that wouldn’t get me enough to get into this place.
What do you think?
Val
Re: If a seller is behind - Posted by Nate
Posted by Nate on February 23, 2001 at 14:44:38:
Think for a second.
Just a second.
The house is worth $121000.
They owe $120000.
Therefore, they have $1,000 in equity.
And they want you to pay $1,500 for it.
Does this strike you as a good deal?
Re: If a seller is behind - Posted by Terry (Houston)
Posted by Terry (Houston) on February 23, 2001 at 14:52:58:
Agreed. Tell them to pay YOU $1,500 to take it off of their hands. What if they sold it? They would be out of pocket quite a bit there.
Re: If a seller is behind - Posted by Val
Posted by Val on February 23, 2001 at 15:01:26:
Yeah, I guess you guys are right! i think that I am just hungry for a deal. Basically, I am letting them have control and that is not how we should be doing business!
I’m rather new to this, but you’re basically saying that every call is not a good deal, if the sellers are “Bull Headed” and want what they want and not accepting what will solve their immediate problem like pending foreclosure?
Am I reading into this properly?
Val