Is This Deal Possible ?
Hi im curious to see if this deal that I have is legal and possible to happen.
First i want to buy this house for 97k and it has two mortgages a first and second, i have buyers lined up to purchase the home for 128k as long as i can hold the mortgage for them . They and I though about a wrap around mtg and we are in florida .
The home owner that im purchasing the home is willing to let me make payments everymonth until the 1st and 2nd mortgages are paid off and I am willing to hold the paper to the new buyers until im paid a total of the 1st and 2nd plus my profit between 97k and 128k.
So my question is how do i structure the paper dealings so that it all works out? can i write a wrap around mortgage around my lease with option or no?
As stated in another post, I only wait till closing for assignment money if the fee is large and broken up, I always get some amount of it up front.
When I put a contract on a house, I put a 14 day inspection period with right to cancel on it, that allows me to check out any title or assesment issues, but more importantly, to sell the darn thing, then, after that 14 day inspection period, go to close in 25-45 days. Usually around 30 days after the inspeciton period. If you think sellers will not do that, they are not motivated enough, I am moving 1-5 houses a week this way. And I only put down $100 unless it is a really good deal, then I have it where I put the escrow money in AFTER the 14 day inspection period, that way, I hopefully have it sold and the new buyer is putting that in
[addsig]
MN i think its a 3 day MAX for inspection....correct me if im wrong I would like to know more..
Are up still working in this market? Do you need another investor?