Re: Possible deal here, what to do?? - Posted by Carmen
Posted by Carmen on March 14, 1999 at 21:09:20:
Have you thought about having them create a note, which they sell at closing? With your numbers, it should work out fine, even at a discount.
I’m not a note broker, but we had a great presentation at the investor club from someone who is. The speaker’s name is Lisa Moren, Marketing Director with American Note. She is also an investor, so she knows the deal. Her # is 970-224-3922, Fax 970-224-3950, e-mail firstname.lastname@example.org. They work nationwide.
I’m sure she’ll be able to explain it much better than I could, but it seems that if you can convince the sellers to create a $90K note and sell it for a “discount” at closing for $84K, that would solve their problems (cash) and yours. I’m not sure what all the requirements are, though.
If you do go this route, I would appreciate hearing more about it - or is that a topic for the other forum?
Another option, briefly, is to get it under contract pronto, then find someone to flip it to immediately within the contract period - as a retail flip with a “decorating discount” if need be (e.g. for $115K, but without doing any work on it).