steve55121
04-01-2005, 03:45 AM
Hello,
Found what I think is a deal. I just need to get the owner to figure out he has lost the property and deed it over to the trust.
Owner was tied up with surgery and not able to make payments on the house. He is currently in trouble because he was trying to do a forsale by owner. He was selling to someone and they could not close in 1 month so he received more penalities on his loans for the house. He tried to resell it and now he is being sued from the original person who wanted to buy the property first off. He was selling it for 190k accept now it's at 208 with the fees ect. Buyer told me he was going to file BK very soon. I told him that if he was indeed BK he would not have to worry since his credit is already shot and the suit from the 1st buyer is only a civil suite. You cant get blood from a turnup now can you?
Ok here is the deal...
4 bedroom walkout rambler 172,000k on 1st, 20k on the second.
With back payments it would make the house about 208k. I know this area VERY well and know the comps for this house are 250-260k (complex with same floor plans)
Question for you all.... is... how willing are lenders work with you when the sale is just around the corner? Is it better for me to make his loans current and have him deed to my trust. Or should I wait until after the sheriff sale and see if the 2nd mortgage gets eliminated?
-Steve
Stand by Steve, I'm calling in the pro!
Found what I think is a deal. I just need to get the owner to figure out he has lost the property and deed it over to the trust.
Owner was tied up with surgery and not able to make payments on the house. He is currently in trouble because he was trying to do a forsale by owner. He was selling to someone and they could not close in 1 month so he received more penalities on his loans for the house. He tried to resell it and now he is being sued from the original person who wanted to buy the property first off. He was selling it for 190k accept now it's at 208 with the fees ect. Buyer told me he was going to file BK very soon. I told him that if he was indeed BK he would not have to worry since his credit is already shot and the suit from the 1st buyer is only a civil suite. You cant get blood from a turnup now can you?
Ok here is the deal...
4 bedroom walkout rambler 172,000k on 1st, 20k on the second.
With back payments it would make the house about 208k. I know this area VERY well and know the comps for this house are 250-260k (complex with same floor plans)
Question for you all.... is... how willing are lenders work with you when the sale is just around the corner? Is it better for me to make his loans current and have him deed to my trust. Or should I wait until after the sheriff sale and see if the 2nd mortgage gets eliminated?
-Steve
Stand by Steve, I'm calling in the pro!