Posted by Sean on September 12, 2003 at 08:47:06:
Thanks for the input. I am aware there are several “exit strategies” I have here. My main goal is to get the 35k up front. So, as for
suggestion #1- that would definitely work, but unfortunately it does not accomplish what I am attempting to do. I already have a bunch of houses I have lease optioned or owner financed out and want to get some quick cash on this one.
suggestion #2- I have used this technique many times and it works well. Unfortunately, when doing a short sale the bank(s) taking the short payoff will not allow the seller to make a dime…much less 35k. Also, for future reference, I have had better luck using a POA from the seller and collecting funds that way. Either way works though.
Suggestion #3- Very creative idea…I like it! Unfortunately, in this case the buyer is already lined up with 90% financing @ 7.4 and down pamnt assistance for the other 10%. He would not switch to a 1st and 2nd because his payment on each loan would significantly increase due to higher rates.
Thanks for the input though. Your ideas are very good!!