Negative Equity On Sub 2
I need some feedback from some experienced Sub 2 buyers on situations where the existing mort. note(s) are over comparables?
My exit strategy is to L.O. on a 2 year that will bring the Sale Price to Above FMV. Has anybody had success on these types of situations?
Get a lot of money from the home owner. Than I would think about taking their house. They will have to pay to sell the house anyway.
Tom
If the mortgage goes into default, you can attempt a short sale. I have never tried to short a loan not in default but I suppose one could try.
OK lets say for example that the home is 8K over FMV with existing notes. Seller is motivated because new home is ready and needs to move on, not in default.
If I have a TB come in with a lease option of 2 years at 12% - 15% above FMV and a Down payment of 6K to 8K, new T.B. will do all repairs. How does this sound to you seasoned Sub2 investors.