You said:The soon to be ex-wife wants nothing to do with this guy.
She just wants to be done with him and not tied to him in anyway
dave: I would assume that yes.
You:Since you were referred to her by him, I bet that is why she is not returning your calls.
Dave: Actually we only spoke today for the first time. I didn’t leave any messages previously.
You said:So without her cooperation, your subject to is doomed from the start
Dave: Actually in the breif conversation that she and I had this morning she sounds very receptive to the idea of selling the house without a realtor. She just didn’t think it was an option because I was approached by the soon to be ex-husband. I called her out of the blue. I din’t give her the subject to pitch over the phone all I asked was if she would be open to the possibillity of selling without the realtor. She said that would be great since she didn’t have the money to pay the realtor anyway.
You said:Further proof of her wanting to be done with it is that she did sign the listing agreement and doesnt give a squat about whatever commision the realtor will get.
Dave: I think that is true. I don’t think that means that she wouldn’t be open to something creative.
You said:Where as on the other hand, the husband sees it as a way to put a few bucks in his pocket.
Dave: Actually the husband is the one who told me that he didn’t care what happened and said that he doesn’t want any money out of the deal. He said that if there were leftover he would just assume let her take them and get this overwith. He is the one bugging me to take the place. His only concern was whether or not he would be able to qualify for another home loan in the near future after all this gets settled. He was wondering how the existing home loan would reflect creditwise on his ability to qualify for another place in the future. As I understand it from searching the archives the payments on on the current house would show as a 75% credit similar to a rental property.
I still need to feel out the wife and see if she is open to anything. I know he is. My real questions yet unanswered are what steps I need to take in order to tie the place up so they don’t list it. The wife said the listing won’t occur till the 15th of this month. Your point is well taken about the two of them not wanting to be tied together at all anymore. I’m sure others have worked around this before sucsessfully. I know that the divorce situation is often a profitable one for many on this board. Thanks.
I have a seller who needs to gat out of their house because of a nasty divorce situation. I talked to the husband last week and he said he could care less if he just walked away from the place. He’s not allowed to contact his wife but, he gave me her contact info. I have tried in vain to contact her. I will keep trying though. He just called me again wondering if I can help him out of this. He said his attorney is telling him to get over and sign the listing agreement with her realtor to get the house on the market. It sounds like she has signed it already. Providing she is motivated enough. What do I need to do to get this tied up? Are the attorneys on both sides going to get in the way? He says that he owes 112K on the place. It comps around 130K. There isn’t a ton of equity but, he is begging me to take this so they don’t have to pay a realtor. I’m in deeper than I’ve been before and need guidance. I think this would be a subject to canidate but, I haven’t educated myself on the mechanics of that deal well enuf. Any help on tying this up now and buying myself time to get this worked out and do my due diligence will be appreciated. TIA.
Have the wife refinance the home(If She can qualify with her income Alone), and keep the husband off the mortgage. Or since the husband seems more open to the idea, have him do it.
You can also refinance out a little cash a give it to the wife- to satisfy her- I am sure her atty won’t just let her lose her equity. That is what the Atty is paid to do.
75% of the lease that you use to pay the husband with, will qualify as income.
The realtor only has one signature. If I were you I would have the other on my contract. Let the attorney’s argue. His will say one in the hand is worth two in the bush. I don’t know what her’s will argue. You have the upperhand since you are offering money. The realtor is just hiding in the bush.
From what I am reading I will make some assumptions.
The soon to be ex-wife wants nothing to do with this guy.
She just wants to be done with him and not tied to him in anyway.
Since you were referred to her by him, I bet that is why she is not returning your calls.
She thinks he is evil itself and is just burying her head in the sand and just wants it to all go away.
Now with this in mind, do you think she is going to submit to a subjet to and be tied at the hip with him for how many years you want for the subject to?
Your best bet is to physically go find her and present your case then.
I will bet they are both on the deed that is why she already signed the listing agreement.
So without her cooperation, your subject to is doomed from the start. It only takes one peeved off owner to go whining to the mortgage company to get them to investigate and unless your a experienced investor at subject too’s, I doubt you will have allot of the bases covered.
Further proof of her wanting to be done with it is that she did sign the listing agreement and doesnt give a squat about whatever commision the realtor will get.
Where as on the other hand, the husband sees it as a way to put a few bucks in his pocket.