Making $$$$$$$ - Posted by Matt(MI)

Posted by Randy on July 15, 2003 at 11:26:21:

Offer the seller $90k cash close in 30 day?s. Immediately run and ad ?Owner Financing? small down payment $130k (description of property) call 555-1212

Sell the note at closing (simultaneous closing) for cash. You can get 90% to 95% of the face amount of the note depending on your buyer. In this case that would net you about $108k - $90k to your seller= $18k hip national bank. And an opportunity to carry a 2nd paying you a monthly income. Not bad for a few hour work. Email me if you need help.

Making $$$$$$$ - Posted by Matt(MI)

Posted by Matt(MI) on July 15, 2003 at 10:56:30:

Just looking for some opinions on how to make the deal work.

Seller has power of attorney for home that was dad’s(before he died). The guy says market value is 120-130k.
He wants 90k to cash out. Has lien for about 6,000 and some taxes to pay totalling his liability at 10k.

I don’t want to take mortgage on property and he doesn’t want L/O.

I’m thinking I could…

  1. Purchase offer “and/or assigns” and sell the home through paper as 10k Under Market Value. Problem is I’ve never done a simultaneuous closing and am new to how they work.

CAN YOU HELP with suggestions?


  1. Buy option on the home and try to sell it off, having buyer pay me CA$H for the option @ 90k.

Any ideas on which avenue might work better - I’m looking for some experience here if possible. I’m going to look at property tonight.



Call your Title Company… - Posted by JT-IN

Posted by JT-IN on July 15, 2003 at 13:06:56:

Ask them if you can acquire a clear title from an Atty in Fact, of a Deceased person. I think you will find that the POA has no value post mortem. It would be a shame to purchase a property under this set of circumstances only to find out later that you have a clouded title due to an improperly executed Deed.

Better to be safe than sorry, but I think you will find the POA is NO good…


Re: Making $$$$$$$ - Posted by Arthur

Posted by Arthur on July 15, 2003 at 12:47:12:

I hoep you don’t take his word as to its value, get it checked out independantly.

In New Jersey… - Posted by IB (NJ)

Posted by IB (NJ) on July 15, 2003 at 11:48:45:

the power of attorney (POA) expires at the time of death and is null and void. Check the laws of your state to make sure the POA is still valid. The property may have to be probated.