How Do I Get Cash Out Of This One
I have power of atty to sell a property I have been managing for two yrs, I have a buyer who is qualified to purchase for the price of $92k the property appraised at $140k and I am owed $18k from the repairs I have done i.e...furance new bathrooms etc.. How can I get my money out this deal, I can't get financing to purchase because of low fico and foreclosure , the tenant has been great in paying but its hers once I sign at closing.
Thanks,Jahn 
You are asking how you can get your money out.
At closing you will get your money.
But I think you are really asking something else.
More information please.
Mike[ Edited by MrMike on Date 12/16/2003 ]
Because the property is in foreclosure I have to sell it now and for $92k because that is all the buyer qualifies for. I hate to leave $48k in equity and hope that she will refi. and cash me out. I think I should have some type of Promissory note, but I am not sure.
Thanks,Jahn
Let the buyer purchase the property with out you or your credit on the loan, and go on the title as co-owners
Do not leave property without signing something that shows you have an interest in the property(48000 dollars)
You may have to wait 6 mos. to a year for seasoning requirements and refinance the loan
Quote:
On 2003-12-16 13:42, househunter wrote:
Because the property is in foreclosure I have to sell it now and for $92k because that is all the buyer qualifies for. I hate to leave $48k in equity and hope that she will refi. and cash me out. I think I should have some type of Promissory note, but I am not sure.
Thanks,Jahn
Jahn,
I sent you a PM.