Posted by gerald(tx) on August 11, 2007 at 12:18:50:
John,
There is no deal here, even at Sub2. Plug the numbers into your calculator. The payment obviously doesn’t included taxes and insurance, otherwise she wouldn’t be in arrears. This says her loan is at around 10%.
If she says the house is worth this, I’ll bet it is actually less than $250k. If she owes $200k + $25k for the other stuff, where’s the deal?
And the chances of her refinancing? Her credit is probably shot, otherwise she wouldn’t be behind on all these items.
I don’t see a thing worth wasting a minutes time here.
refinancing and taking subject to - Posted by johnbrown
Posted by johnbrown on August 11, 2007 at 09:54:47:
i have a question about a call i got from a motivated seller. her house is worth 260-275. she owes about $200k on the house. her piti is about 1900 a month. she owes taxes for a year which is about 3500, she also has a mechanical lean for aobut 12,500 and some ther stuff thats another 8,000. basically with the leans and moving money she wants 240K for the house but she might be willing to do a subject to on this deal. my question is this, cant she refinace the property and then i can take it subject to? that way she gets money and i get a nice house in a nice area subject to. let me know what you guys think.
Simple answer is like Gerald-tx said…NO DEAL here. If she refinances (I’d probably say 8 to 5 she cannot qualify) then all of the liens will have to be paid off and title cleared…Wheres the $$$$ to make it a deal?