Investor Needed To Do L/O On SFR
Hi,
I have a client (friend) whom is in foreclosure. She has been in her home for over 30 years and decided to pull equity out a couple of years ago. Needless to say she has fallen into foreclosure due to a rental property she has that needed large amounts of repairs not to mention no rent payments from tenants.
She has found an investor to take the rental off her hands but still needs someone to purchase her house via short sale and L/O it back to her. I am assuming she will use her cash she will get from the sale for her L/O deposit if necessary but all this will have to be discussed.
If anyone is interested please contact me via my profile for more details. We need to make this happen as she is facing sherrif sale on 11/14.
I would prefer to work with someone experienced in this area as I have yet to do a L/O.
Benny
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Click on the tab TCI REALTY at the top of this page and list the property.
Hope This Helps,
Mrs. Meltzer
Thanks ****Must Reach Senior Investor status before posting URL's***,
I will take a picture of it tomorrow and post it there.
Benny
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Benny,
You may find an investor willing to do this, but if so, I'd check their credentials closely. The reason is that most experienced investors will not do a lease back to the original owner. There are simply too many possible legal problems that could arise.
Roger
Yeah thats what I was figuring so I am going to see if they want to lease it to her grandson who has excellent credit and employment history since he is about their only hope. Thanks
Benny
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Benny,
If the grandson has excellent credit and employment why doesn't he just buy the place and then let her live there? No need for an investor, let the grandson be the investor.
Roger
That was my origional plan but he says that he doesnt want to purchase it. Hes real funny about his credit.You think they would be doing whatever it took to make this happen...what can I say. People sure have their priorities mixed ****Must Reach Senior Investor status before posting URL's***he whole family is going to be out on the street and hes worried about his credit. What a grandson huh?My first mind says leave this one alone.
Benny
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Hi
Be careful about using a family member. I have had banks ask for proof that the seller is not family with the new buyer who is trying to keep the house for the them. Why does she have to sell her house? I thought the rental was in foreclosure? Excuse me if I am wrong.
Hi NC,
Heres what happened. The grandmother(whos house it is) decided to purchase a rental property so what she did was pull equity out of her house to get the place which was a duplex w/basement apartment. The duplex was in a bad area and eventually drugs were being sold out of the building. The narcotics division shut the building down and made her fix the place up to avoid the city fines. Anyway she exhauted all her money getting this building together and eventually didnt have any money to pay either note. The duplex she has sold to an investor but she will only get about 10K when they close. In the meantime she still doesnt have enough money to get her home out of foreclosure. She has a 25 years old grandson but he doesnt want to purchase it in his name because he is very funny about his credit. I dont know what to do ****Must Reach Senior Investor status before posting URL's*** am going to have to tell her that her grandson is their only hope at this point that I can see. Any other ideas anyone?
Benny
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