HELP..loads Of EQUITY What To Do....
Mortgage bal payoff $180K, FMV $270/appraised 12-03 [$90K in equity] Repairs cosmetic $1-2k.
Owner being foreclosed early MAy. How to structure a deal for this? Owner wants out, too far along to bring loan current.
HELP, any advised is welcomed! THANKS!
Easiest, quickest, most profit?
Run a title search, get a quit claim and seller out, make the first current. Refinance or sell
Take the house sub2 until you sell or refinance in your name. Have the owner deed you the property. If you can pay cash,it will make it easier. Does the owner want anything for his equity?
Owners wants nothing, would assigning the property be doable, since a lease option for $1700+ may not be easy????
Yes what you first need to do is run a title search. Then if the seller wants nothing you can have them sign a WARRANTY DEED to you!
There is really no need for a purchase agreement or anything.
After you make sure the title is good and get the deed, run as fast as you can down to the county recorder's office and file it.
Next--catch up past mortgage payments and work to sell...
GOOD LUCK
This is truely a great deal!
First off, get a Loan information authorization signed by the owner. What this is, is allowing you the access the owners pay off/reinstatement figure. Once you have this amount, Reinstate the mortgage (what ever the amount they are in the backs) Once this is done, have them sign a quit claim deed over to you, which puts the property in your name
Well,
I would do this, get an authorization form signed, find out the arrears, and offer to pay them. Get a L/O from the owner for the remaining balance explaing that you are going to bring his home current and the money you are going to use will be applied as an "Option Consideration". Get a signature loan for the amount ($5-10k) for 5 years to pay off the arrears. At this point you are going to have to do a little work, PRESENTATION, PRESENTATION, PRESENTATION. You are going to have to explain to the loan officer you plan of action. Remember loan officers can't visual see what you see, so you design a business plan so they know where there money is going. Contact a Realtor and SELL SELL SELL FAST! Pay off the signature loan and the Realtor 6% of course and invest the rest!