How Do I Help Them With This Sub 2? Pretty Home But They MUST MOVE-ASAP.
couple moving to texas-live in a 3 year old pretty home (5 bedrooms/3 baths) in a new subdivision. they just refi in Jan 09 with a $197k loan balance-payments are $1400 mo--homes selling for $210k--new county valued this home as $160k.
I would like to subject 2 or lease purchase for 36 months from seller ( he make 2-3 payments after move out) and find me a qualified end buyer with $5-10k down and sell price of $220k. and $1800 mo.
what would you do?
Seems like there is too much risk for little potential return on this.
AS commercialking said you need to say to yourself can you make the payments in any way ?
if not then this may be a very high risk for you
As well if you buy this sub-2 and do not cover the payments then you could face legal troubles on this whole deal
The sellers may need to move fast but you need to do your due dill and CYA all the way
FIRST off how did you come in to contact with this family ?
This family has to want help / as well take it in what ever form it comes
This is to say you have to have all your paperwork in line and they have to be willing to sign over the deed to you and move out
Yes you can give them moving money if you have it to give
But it is not a have to do thing
Once the property is titled to you you can sell it to your investor and go from there
This is far from a step by step outline but it covers most of the have to s
And what ever you do do not tell the home owners you are going to fix all there troubles only that you will use your best efforts to get things done they are going to be out by the bank if they do nothing any way
And you may not be able to fix that before then either so make no promises on anything in your want to help it will come back to bite you
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Alara
[ Edited by burn0001 on Date 08/06/2009 ][ Edited by jfmlv1950 on Date 08/06/2009 ]