Buy From Buyer, Then Sell To Buyer???
I just ordered John Locke's system, so for all I know, this may be covered in there.
I imagine that if someone's about to go through a foreclosure and you buy their house 'subject to' existing financing, they'd probably have to rent somewhere since they likely have bad credit, not to mention that the high loan amount would stay in their name.
Chances are that they'd LIKE to stay in their home, but have pretty much given up. Has anyone ever though of (or actually done) buying the house subject to, then selling right back to them via Bond for Deed??
-M
Whoops...
Louisiana Boy here...
We have our own language down here.
Bond for Deed is pretty much the same as a Contract for Deed in the rest of the country.
-M
Mike,
It doesn't matter whether you in The Big Easy or Puducah, do not sell back to the seller, if they cannot afford the house now the money tree with hundred dollar bills is not going to bloom to save them.
Purchase the property and find buyers who have picked the "c" notes off the real money tree and let them put them in your pocket.
I know what a Bond for Deed is better yet, CASH for Deed works everytime.
John $Cash$ Locke
I explained to the seller that I will be keeping their loan in place and making the payments for them so that when they are ready to buy another house they will have this good payment history on their credit which will help them. They loved it
Well geesh, that was an obvious answer, wasn't it. Perhaps I should say these things out loud before I write them.
Thanks,
-M
[ Edited by MIKEinORLEANS on Date 06/02/2004 ][ Edited by MIKEinORLEANS on Date 06/02/2004 ]
BOBFORDD,
Your expertise in Subject To investing goes beyond comprehension.
Keep up the good work.
John $Cash$ Locke