Help With Deal??
Ok here we go..... found this couple who has been served with NOD...... i got a contract to bring the payments current (4mos x 400mo=1600 behind) and take over the note..... We've agreed for me to bring the payments updated. give them $5k at closing......house has been appraised at $115k while their loan balance is 62k. I'm thinking of getting a realtor to to list is with a fee of 7% so that can encourage the quick sale of the house...........it's a 3/3/2 (1950sq ft. in galveston island.Would like to get any comments to see if i'm in the right track???? thanks
You will probably have to pay some legal fees in addition to catching up the mortgage. You may want to give your agent an additional reward if they sell the house quickly. I offer an 8/7/6 commission structure meaning 8% in 1st 30 days,7% day 31-60,6% day 61-90 days. This means a signed purchase agreement within that period closing no later than 30 days later. This is a reward system to help motivate agents to sell my property quickly.
Great idea......thanks i'll use your 8/7/6% formula to hopefully get the realtor to sell it asap.