Posted by David Garcia on July 12, 2002 at 13:27:36:
Why won’t you just buy thet homes “subject to”? that way you don’t need to qualify for a mortgage, just take over payments. You can then sell them via L/O or land contract for full value & a large downpayment.
Since the owners are in pre-foreclosure they will most likely be willing to deed you thet property for no money down.
David Garcia
(843)293-1018
Pre-foreclosure flip question? - Posted by Jerry(KY)
Posted by Jerry(KY) on July 12, 2002 at 13:03:08:
I am having trouble getting funding for and selling pre-foreclosures bought at around 65%LTV. I have found and sold two but had to write the mortgages myself and then sell the mortgages at a discount. Lenders are not approving the sale price even when comps justify it because of the 25K-30K difference is sale price in a short period of time. How can I fix this problem? Also, my funding source has dried up and I need a reliable equity based funding source for 65% or better LTV pre-foreclosures in Northern Kentucky. All comments appreciated, Jerry
Re: Pre-foreclosure flip question? - Posted by Stew(NE)
Posted by Stew(NE) on July 12, 2002 at 17:02:11:
Would you mine listing the lenders you are having problems with. I may have a deal going to a lender soon. So a heads-up to the problem would be good. I guess I should take your attitude and figure a way around it. By the way, what is a short period of time?