Posted by Eric on October 25, 2003 at 11:37:59:
House is worth about 90-95,000
Need Fast Advice!!! - Posted by Eric
Posted by Eric on October 25, 2003 at 11:18:21:
Got a call from a seller.
3bedroom, 2 bath brick house, 1200sq. ft.
Loan balance 86,000
payment $1100.00 per month (ouch)
3 months behind in payments.
How would you proceed?
Re: Need Fast Advice!!! - Posted by David G.
Posted by David G. on October 25, 2003 at 15:08:09:
You might ask him if hes willing to deed you the property (Subject 2). Include a clause in the contract that you wont make a payment until you get a buyer.
Now sell home for 105K (10% higher than appraisal)
ask for 6K down. Carry 99K. With the DP pay the arrears and keep the rest. Make a balloon payment for 1-2 yrs and get cashed out for teh remainder.
To get a buyer place an ad that says:
NON QUALIFYING!!
6K Down 1,200 Mo
3bd/2ba 1,200 SQ,FT.
555-5555
If you need help let me know.
David G.
Re: Need Fast Advice!!! - Posted by Brent_IL
Posted by Brent_IL on October 25, 2003 at 11:54:38:
This deal is too thin for one at your level of experience. I know where you’re at because your’re asking how to proceed. Any profits are on the spread. Rents might not support the property and a vacancy would be a killer. I’d look for something better.
Re: Need Fast Advice!!! - Posted by Doug K
Posted by Doug K on October 25, 2003 at 11:30:22:
Also,
you never tell us what the house is worth???
Re: Need Fast Advice!!! - Posted by Doug K
Posted by Doug K on October 25, 2003 at 11:29:04:
RUN, don’t walk away from this. It IS NOT a deal worth pursuing, unless the seller comes up with the back payments
Re: Need Fast Advice!!! - Posted by Eric
Posted by Eric on October 25, 2003 at 11:23:36:
Actually, the monthly payment is only $764.00
The bank wants them to pay 1100.00 per month until they are caught up.