She's looking to sell the house. She doesn't want to deal with realtors for what ever reason. I'm just looking to see how others would approach this one. There is a lot of equity there and she wants to move back to NY. Thats all she told me and I'm sure I'll find out more when I go over there. I just want to structure some things before I go.
1- If she wants to just get out, sub-to or L/P. (You wouldn't want her to back out of a L/P when she gets settled and is not in such a hurry)
2- If she needs some cash, have her hold paper ( say 50-60%) and get a mtg for the cash amount plus the current mtg balance.
I'm definitely not the guru here...so se what others say as well...good luck.
This could be an interesting kind of game where people post situations online and various types of investors try to come up with the best way of possessing the investment.
I tried to come up with a solution, but it turns out I didn't really know that much about closing a deal. Plus I'm not sure how much she wanted in equity which sorta would have determined how I would have wanted to structure the deal.
You need to know what she wants to get out of the deal. If she wants $50,000 equity out, then you'll need to structure it differently than if she needs to leave the state immediately.
Depending on how you found out about the original loan amount, it could mean very little. Most recorder's office will have the original purchase price listed online, but they will not have any refinances. If she's refi'ed lately, she may have very little equity.
house was built in 03, hence 3 years ago.
Hi,
You said she called you...what is she looking for in this transaction. Why doesn't she just call an REAgent? There must be circumstances...
She's looking to sell the house. She doesn't want to deal with realtors for what ever reason. I'm just looking to see how others would approach this one. There is a lot of equity there and she wants to move back to NY. Thats all she told me and I'm sure I'll find out more when I go over there. I just want to structure some things before I go.
What would you offer her?
1- If she wants to just get out, sub-to or L/P. (You wouldn't want her to back out of a L/P when she gets settled and is not in such a hurry)
2- If she needs some cash, have her hold paper ( say 50-60%) and get a mtg for the cash amount plus the current mtg balance.
I'm definitely not the guru here...so se what others say as well...good luck.
This could be an interesting kind of game where people post situations online and various types of investors try to come up with the best way of possessing the investment.
I tried to come up with a solution, but it turns out I didn't really know that much about closing a deal. Plus I'm not sure how much she wanted in equity which sorta would have determined how I would have wanted to structure the deal.
Kris
We really need more info. More importantly what is she looking for? What does she expect? What will she do if you don't buy? etc...etc...etc....
The numbers tell us that there is a potential deal here. Her motivation tells us how to do the deal.
Thanks,
Thats why I asked, so I'll know what to get next time.
You need to know what she wants to get out of the deal. If she wants $50,000 equity out, then you'll need to structure it differently than if she needs to leave the state immediately.
Brandon
[addsig]
Depending on how you found out about the original loan amount, it could mean very little. Most recorder's office will have the original purchase price listed online, but they will not have any refinances. If she's refi'ed lately, she may have very little equity.
Roger