Posted by Bud Branstetter on December 26, 2000 at 17:50:27:
I put it in my contract that I can show the place at a specific time or as otherwise arranged. Do all your due diligence and start advertising. The seller doesn’t have much incentive to leave the place move in clean so expect some work.
I use a Pactrust arrangement and depending on how much equity there is have them refi sooner than later. Most areas will take you no more than 30-45 days to find a buyer if you offer no bank qualifying.
Question About “Sandwich Deals” - Posted by Jon
Posted by Jon on December 26, 2000 at 17:21:12:
I’ve found a homeowner who is a couple of payments behind on their mortgage, and is willing to deed the property to me “subject to” the existing financing, with no cash for their equity. I’m planning to offer it as a FSBO w/ five percent ($6,000) down and owner-carry on the other 95 percent at 9.75% interest. The 6K up front will more than cover bringing the mortgage current, and the interest rate will create a decent positive cash flow.
My question is as follows: I would like to get a buyer lined up prior to the current owner moving out (January 30th), so that I can get my hands on the 6K to bring the mortgage current without using my own money, but I’m wondering how I can show the property to prospective buyers when the current owner still lives there. Any ideas?
Thank you all in advance,
Jon