Bankruptcy
Hi,
How long does it take someone to qualify for a
refinance if they have filed bankruptcy? I have
(2) possible tenant/buyers that have filed in 2004.
They will have 18-24 months to cash us out, will
that be enough time. I am in SC, not sure if it varies
state-to-state or if it is the same everywhere.
Any and all help will be greatly appreciated!
Devine Properties of Anderson, LLC.
It depends on the lender. Take them to a good mortgage broker now to get an idea. Some will refinance after 12 months. Most consider 24 months after a Chapter 7 (with reestablished credit) to be B+ credit!
[addsig]
Thanks all,
I am finding so much more to investment than just what Legrand or Sheets write into their courses.
I think they should be more honest in that they should describe more than just how a subject-to or L/O works (not that I was dumb enough to believe money would start fall from the trees but...)., They should go into how this is SALES , MARKETING, as well as TAX and RE LAW. lol and structure the sections on each topic appropriately to cover all needed topics for business.
Question two: How is the best way to ask someone if they are willing to do a L/O or owner financing? I like they way Peter Conti uses descriptive language in his L/O book "Mr . Smith, what if we were to make you a guaranteed monthly payment and then at some point down the road we were to cash you out of the property at the full $150,000 price we talked about a moment ago. Is that something we should talk about or probably not?"
What techniques do you use to prequal on the phone when many people do not a) know what a L/O is b) they automatically THINK they need all their equity at closing ?
I love this site, so chocked full of knowledge,
Thanks again,
Jon[ Edited by AustinREI on Date 04/14/2005 ]
Austin, listen to John and Nancy, some great advice in there. The benefit of being able to read someone you are standing in front of will increase your chances of a successful presentation. In my opinion that Zig Ziglar book John mentioned is the best book on sales ever written. I do like Carnegie and anything by Tom Hopkins too.
[addsig]
If I were you I would read Joe Kaisers ebook on negotiating
http://www.****This URL Not allowed****.com/authors/kaiser/swatteamleader.pdf