In Ohio, you only need the down payment the day of the sale, with the remainder being due at some later date. The particular scenario I am referring to demands the remainder to be paid within 7 days of the auction.
Since I would have a week to pay the balance, would you say that refinancing for the full amount and paying off the hard money loan would be a good avenue to take (so long as I make sure they can close within a week)?
Thanks again.[ Edited by GoldenBear on Date 04/29/2005 ]
Thanks for the replies, everyone. After much thought, we have decided to deed the house back to them (turns out they actually did have a refinance almost completed). We will net $5k on the deal, and then keep the lot. Turns out the vacant lot can be rezoned to multi family, and we can build a 4plex. So, it is a win-win. We get a valuable lot, and they get to stay in their house. Hopefully it will all work out.
Thank you GeneralSnafu, I appreciate the reply.
In Ohio, you only need the down payment the day of the sale, with the remainder being due at some later date. The particular scenario I am referring to demands the remainder to be paid within 7 days of the auction.
Since I would have a week to pay the balance, would you say that refinancing for the full amount and paying off the hard money loan would be a good avenue to take (so long as I make sure they can close within a week)?
Thanks again.[ Edited by GoldenBear on Date 04/29/2005 ]
If you decide to be a nice guy and sell it back to them, where are people who have a new foreclosure going to get the money to pay you off?
Thanks for the replies, everyone. After much thought, we have decided to deed the house back to them (turns out they actually did have a refinance almost completed). We will net $5k on the deal, and then keep the lot. Turns out the vacant lot can be rezoned to multi family, and we can build a 4plex. So, it is a win-win. We get a valuable lot, and they get to stay in their house. Hopefully it will all work out.
The Equity Purchase Agreement is simply an agreement to purchased the equity in something of value.
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