What Next???
Man has house in foreclosure.
He owes ~$61K
He is in arrears $3K
House is in immaculate condition and has FMV of $90K
He just wants rid of the headache. I have him sign the authorization for release of information.
He will deed house or whatever, he just wants this off his head!
So, What next? Deed , bring up arrears. Purchase for $90K get the $30K back in my pocket from him?
Clint
I would give him $10, do a subject to deal, bring to mortgage to up date, then sell it and pocket the $30k for myself
Terry
I agree with Terry.
Hope This Helps!
Mrs. Meltzer
I also agree with Terry
Quote:I would give him $10
What does that do?
Your last question indicates a 'less than adequate' understanding of what constitutes a real estate transaction.
I suggest that you spend a few hours reading thru this, and other REI news boards... read as much as yuu can about the ABC's of real estate. Find and keep handy a glossary of real estate terms.
Then, see how what you've learned can help you acquire what appears to be a terrific first deal....
Or, purchase A Short Sale Primer which includes an hour of E-Coaching... which should be plenty of time to outline and explain to you exactly how to acquire
that property.
If you aren't prepared to invest (time and/or dollars) in your r/e education...
brace yourself.
CMiller,
Ah, you forgot to mention one thing, envision or create a dual transaction. Where is the seller going to live? Can you bird dog another property (lower cost of course) for them to live in? The seller may have bruised credit, trusts you, but still needs a place to live. Due to the CURRENT history, we are cautious and reluctant to allow them to become our tenant. We do refer a secondary service provider for them to clean up and repair their credit. We do not want to loose touch with them, they are future buyers.
As for the deal, work the 'subject to' begin to properly market the property and soon thereafter post for us your huge victory.
We say, "Great find, and good luck!"
Eric & Rosa
[addsig]
You could try this, give him 10 dollars for consideration, then have him deed the property to you, with the contract stating you will give him 10,000 at closing. That way no money out of pocket, you resell make a nice profit and go on the way.
Good Luck
Don