Finally found a motivated seller but........
Finally got the call, "please, I want out. Take over my payments." There's only one catch---it's a mobile home and I don't know a thing about them.
Here's a brief descrition of her situation. Bought it new 4 yrs ago for $58K. Currently owe $50K and payments are current. 3 bed/2bath with fence and some upgrades (TBD). Mortgage through Conseco. Payment is $408 with $290 lot rental. I have no idea what the appraised value would be but I'd guess lower than $50K. Don't mobile homes depreciate? If this is the case my new buyer (sub to) would probably have difficulty on the refi for a higher amount? Any thoughts from you pros?
Thanks--Jim
You can still do this deal!!
You will need a bill of sale, power of attorney & a sales contract stating that you will take over payments. You can then flip it, sell it wit hNON QUALIFYING terms for 2-3K and have buyer take over responsability.
David Garcia