Bamz--Got An Idea
I know what the typical response is to this question but I'm throwing it out there anyway. I can buy the house for $120K it would sell for $150K easy. However, there is the $10k prom. note to the seller. Why don't I just pay the 123 and 10k? I have a buyer lined up for $147,500 that I would ownerfinance and then she gets refied through one of my lenders (one idea). Other idea is I do the same with the current owner? Yes, I know---- don't do this don't do this but she has the finances to pay me and I have the lender that would refi her ----cashing me out. End of story----I'm out with 15-17K and put no money into it.
What do you think?
Why not put it under contract and then assign your position to the buyer.
PEjames--
I've never seen a lender in the shortsale depart accept an assignment. Have you? Too, if you have i'd like to learn more about it.
Thanks
You didnt say in your original post that you were tyring to Short Sale it...No, you are rightif that is the case. You need to put as much info into your post as you can, so you get an accurate response. <IMG SRC="images/forum/smilies/icon_smile.gif"> My response would hold true if there were no SS in the picture, but I guess you know that now. I also know this is the SS forum, but you know some people post things in different places, too! [ Edited by pejames on Date 01/15/2004 ]
Jim,
As you probably know, I would be a little leary of selling it back to the previous owner.
Either way that you buy this, you will still either need cash for outright purchase, cash to bring up the arrears, or money to put down on a conventional note. If you are not using private money, I guess I am a little confused on how this is a no money down deal? Let me know.
BAMZ
Bamz--
Yeah, you're right. I guess when I'm thinking about no $$$$ out of my pocket I refer to upgrades which the propety needs such as the standard carpet and paint. Her parents will co-sign the note for her. I have a lender due to family ties that lends $$$$ very quickly so i can pay the agree SS in full. To be honest, I think this lady has so damn many investors calling her she doesn't know what to do.
I know you'll kick me in the a$$ by saying this but I haven't recorded an interest in the property at the courthouse which I should have already done to protect me interest.
One thing that I would like to make clear on getting the deed is that:
1) If you get the deed to a house, is this the point of no return? What I mean is that if your buyer ends up NOT buying the property for whatever reason, you HAVE to been able to close it yourself, correct? I would think this is the only ethical thing to do, however, do some investors deed back the property to the sellers BEFORE the trustee's sale if things don't work out? I guess if you are VERY CLEAR to the seller's up front that there are no promises and use detailed addendums to CYA, I guess that would be ok.
Best Regards,
Bginvestor
bginvestor--
I agree. I tell seller's everything and reveiw Joe kaiser's dislosre form which covers almost anythign that can come up.
Regarding the deed, I don't have the deed. I was just going to record the contract to purchase (interest in the property) to cloud the title in case she was not upfront with me.
Jim
Hi Jim,
If you dont have the deed and you think you will move forward with this, I would tryy to get one ASAP. If you are not sure if you will move forward, you may just want to record a Memorandum to cloud the title. This way, no other investor knows exactly what your contract price is and they will have to call you for details.
BAMZ
Yep, we are thinking right on track!!!!!