Would This Work To Get Seller The Equity??
All I am just getting started and wanted to run an idea by the pros and see what you thought/ would do. I have the following potential deals: Deal 1: Asking Price - $219,900 Mortgage Balance - $190,000 Market Value - $240,000 Would it be smart to have the seller refi and get 1 mortgage for $219,900 and take the equity out and then I would take the $219,900 loan subject-to ? Deal 2 is similar: Asking Price - $153,000 Mortgage Balance - $128,000 Market Value - $163,000 I think I would like to use the Subject To methods - however I am not sure if the sellers would go for an interest only 2nd with a ballon payment. Please share your input. Thanks
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Hi blackburnri,
Both deals appear as though they are workable, however based on the numbers, neither one have enough profit in them to excite me.
I would either work with the seller to bring down his asking price, or be for 100% certain that the market value is atleast what you say it is.
By the way, how did you come up with the market values?
BAMZ
[addsig]
Thanks for the input. I came up with the marke values by using yahoos real estate section and pulling the comps in the areas.
Hi blackburnri,
Just to cover yourself should you decide to move forward, I would have a local realtor drive by the property and give you up to date market comps from the mls. Sometimes the yahoo stuff can give you a good idea, but not always the best comps. I would sure hate to see you buy these properties, only to discover later that you paid full price for them? You know what I mean?
BAMZ