Posted by Mary on February 24, 2001 at 12:14:47:
Yes we are looking for fast movement because husband
has to report to new duty station March 20th.
I do not think we have enough equity in our house.
I will give you a call and discuss some options.
Need help with creative financing - Posted by Mary Moldenhauer
Posted by Mary Moldenhauer on February 24, 2001 at 11:32:22:
Hello, I have the Carlton Sheets program but I have not
been able to start my program yet. But my husband is being
transfered and we need to sell our house. I know that we can
do owner financing but I am not really sure how to do this.
I am only looking for someone to take a first mortgage to
cover my first mortgage and my second. We did a lot of remodling this is why we have a second. I am not looking for
any cash because when I go to purchase my house where we
are moving to we will take out a VA loan. Then I am going
to start doing my program and start getting some house for
profit.
Re: Need help with creative financing - Posted by Bud Branstetter
Posted by Bud Branstetter on February 24, 2001 at 21:12:06:
I don’t want to rain on Michaels parade because he is correct in the fastest way to sell is offering owner financing. However, there is a difference between selling an owner financed note and keeping the existing mortgage in place. If you sell an owner financed note a buyer will not want to invest more than 90% of the value of the property if the buyer has the proper down payment and good credit. Less than good credit or not enough down then they may want do buy/invest only up to 80%. Many times there is not sufficent equity to allow owner financing to extinguish your old mortgages. If there was a VA 100% financing and the seller wants his eligibility back not may be no good solution.
Youwill be able to do a PACtrust on your property. The existing loans could stay in place and you could get a 5%+ down on the sale. Maybe even an above market payment and sales price. Obviously more would need to be know to determine the best solution. If you learn how to do the Pactrust approach you will put Carlton on the shelf and start making yourself real money in the new location.
Re: Another way - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on February 24, 2001 at 14:07:07:
might be to lease the home with an option to buy. The person leasing the home could give you a non-refundable deposit, pay lease payments for a time; and then buy the home from you later on. This might allow you to move quickly.
Sell home FAST! - Posted by Michael Morrongiello
Posted by Michael Morrongiello on February 24, 2001 at 12:06:24:
Mary:
In my humble opinion the FASTEST was to sell just about ANY property is to offer it to the marketplace by using seller financing as both a marketing and financing tool. When you do this, it opens up pool of potential buyers exponentially. It attracts potential buyers like a magnet.
In order to reall determine if you have enough equity in your home to even consider this option, one must know what the anticipated sales price will be for the home, where is it located, what do you & your husband owe against the home, etc.
Selling homes this way is just another tool to consider using. I commend you for recognizing this.
To your succcess,
Michael Morrongiello
Re: Need help with creative financing - Posted by Mary
Posted by Mary on February 25, 2001 at 07:27:38:
Hello,
So can you tell me more about the pactrust. We have
a va loan for our 1st. I would really appericate it.
Thank you for the tip