Atlanta-downtown-$25k Equity-new-duplex-owner Relocating
True bank appraisa$390k-balance $365k-new construction-never been lived-located in a empowerment zone neighborhodd-the last frontier in revitalization in downtown atlanta-1/2 mile from ga dome-3 other duplexes going up next to this one.
what would you do in my case or offer the owner? THANKS
Do you need the 25k to invest more?? If the 25k can make you more $$$ than do it.
This is the #1 question for me too, can I take out the equity line or credit on a Sub2 contract.. I think you can by showing the paper work of the deed and or trust that the seller made to you.. These documents alone is what stands out that you are the property owner. Its the same thing if the loan was in your name or not, Banks are not concerned about the loan just the deed or title, once you get a new credit line, that lien will be on the property and on your Credit and not the original owners. So now lets say you walk away and dont make payments on the 1st mortgage, the 1st mortgage will forclose and the trust or title will go back to the original owner and if you dont pay the 2nd lien, that property will have a cloud in the title... Which means not a garuntee deed title or not clean basically. his type of forclosure might go to a short sale, the 2nd mortgage can be shortened or wipped out during the shortsale period.
I hope I understand all this right if another professional invester know that my understanding is wrong please correct me, thanks.