Sub-2, How Fast Can This Be Accomplished?
I was at a garage sale with my son when we ran across an interesting situation. Owner facing foreclosure very quickly and has thrown up hands, to give up. home comps 90k (unofficial but reliable), existing VA loan of 40k with approx. 20k in needed repairs. I'm very new to investing. do i have time to sub-2 this property?
DLHennig,
Glad to meet you.
Yes, you have time the Veterans Administration will work with veterans to help them save their house.
Find out what kind of arrangements can be made with the VA office, what it will take to help bring the loan current, then work with the seller helping him accomplish this.
You will be surprised how far the VA will extend things to help save the sellers house. When you have your deal with the seller cut, live up to the deal with the VA, then take over the property Subject To.
However, do not put your own money up until you have the signed deed.
John $Cash$ Locke[ Edited by JohnLocke on Date 11/14/2003 ]