Can I assign to?
Hello everyone,
I have found a motivated slr who wants to sell her house to an investor. she wants 80/20% ltv. So I will meet with her next week to make offer. Could someone help me to do "assign to" offer or is there something else I can do?
Here is the stats:
comps in area - 250k
balance on loan - 142k
no liens
ltv to slr - 80% - 86400k
ltv to inv - 20% - 21600k
Is this deal worth my time?
any help will be greatly appreciated.
Thanks
Hammond,
I'm not sure exactly what you are asking. The seller wants 80/20% LTV? Sounds like she is asking for a loan, not selling.
Your numbers don't make sense, either. She has a loan balance of 142K, but she only wants $86K? Your split only comes to $108K.
If you can better explain the situation, we may be able to help.
Roger
It sounds like the seller wants to split the profits with you 80/20. Is that right? Based on the loan balance of 142k and the total of your 80/20 split of 108K equaling 250k comp price this is what it sounds like. I have to agree that this is not clear.
If it is clear there are a couple of factors to consider; can you actually sell the house for 250k (i.e. does it beed any repairs), since this seems like it would need to be sold to a homeowner if you can sell for 250k how long will it take (most likely), and is the seller willing to basically let you do the marketing if it does take that long. If the seller is willing to wait then an assignment looks possible. If an assignment is possible then whether or not this deal is worth your time depends on how long you'll have to work to get your 20% and how much is 21k worth to you.
This is just a thumbnail sketch and more information would be necessary before you sign the contract.
Great Luck,
KP