Urgent! How To Make This A Win/win
I recently (yeserday) started marketing to find motivated sellers in my farm area and I just received a call from someone in need of help. Here is their situation:
1 bedroom condo worth 139K
Lease option from oct 02 - oct 03 option price of 110K
Only recently got a job with a verifiable income so she can't do a straight refinance
To make our options even thinner seller is elderly and wants her money now.
Does anyone have ideas on how to make this a win/win for me and her? If not a win/win for both of us, how can she save her house?
All ideas welcome. Thanks in advance for your help
You could talk the owner into making more money by doing the note. Or find a note buyer that can buy a note at closing. Also you could have the owner take a second to get a standard loan at a lower LTV ratio. There are sub prime lenders that will do it if she has enough of a down payment. You might want to consider buying it and extending the lease option for her for a profit as well.
You will need to get her credit and find out the down payment as that will be the decision maker for you. From there you will know what is available to you for options. I would also talk direrctly with the seller to set up some sort of arrangement for either a second or setting up a loan to sell at closing.
Good Luck,
Kyle
I will buy the note at closing if that wil help you. I will be able to put money in the sellers hand as well as give the buyer the option to pay me her payments. Let me know what you think... Also, I sent you a PM regarding one of your other messages...
Take Care,
Quote:
On 2003-12-21 18:33, NYCinvestor wrote:
I will buy the note at closing if that wil help you. I will be able to put money in the sellers hand as well as give the buyer the option to pay me her payments. Let me know what you think... Also, I sent you a PM regarding one of your other messages...
Take Care,
The option expired back in October. See the date of the post?
Mike