CONTRACT FOR DEED
I'm needing some advice or need to know if anyone out there has ever done a deal like www.this.I'm looking for a for sale by owner with the house beeing below market value (house value 100k asking price 60k) needing a little tlc ,doing a contract for deed back date the contract 2 yrs. refi. the property as a non owner occ. @90%ltv. (do all repairs needed before refi).60k seller 30k for me .I would rent the house out for rental property.
:-?
This is loan fraud and I wouldn't advise doing it. There are lenders who do this and most of the time it does work but the chance you take is getting caught.
Explain to us what exactly you are trying to do and we can help you struture the deal so that it makes sense.
By the way congrats on finding a great deal!
I'm actually a LO and learned alot about financing from being one.Wanting extra cash so I can purchase an apartment complex that runs 1mil.but need to put down 10% with seller carrying 10% and the bank doing 80%.Also I figure I need to build some type of portfolio before I do so .That's why I say,why not by 3 to 5 properties under market value do as I say build about 50-100k in cash in a matter of 3 months and buy the apartment complex .Nevertheless,pay a couple of bills off about 15k worth.
Please give me a reply.
Anyone out there?
Have any input on how I can get the equity out off my 50k deal thats worth 90k.Did not mean any harm just wanting input on how to come up with some cash to make both sides happy and do as i say.
If they are rehab properties why not take them Subject To? Have the owner place them in trust with you as trustee and then sign over beneficial interest to you which is unrecorded.
[addsig]
Didn't quite understand, how would it work?
They are rehabb properties but does not to much www.work.New paint from the outside and a few shrubs here and there, tall grass.House was on the market for about 200 days and never sold mls listing www.expired.It was under contract 1 time but financing fell through, not to sure why.Seller is real www.motivated.I last talked to her on thursday and told them that I would get back with www.them.Got my comps. from appraiser going for 85-92k.