How To Split The Proceeds
Hi there.
I have a question about how to split the procedds of a sale and to be protected during transfer of title.
Me and my partner have 150K and we have 50K from a friend and we are almost done securing the remaining 275k from an outside source.
How do we buy this property with the legal stipulation that we will sell it to the buyer that we have on hand and that upon the sale how the proceeds will (bound by contract) to be disbursed.
I guess what i want to know is how do we make sure that the outside guy does not screw us and how do we make it so that the outside guy knows we in know way can screw him upon closing?
Thanks for the help.
I would think that the bank would be very receptive. One reason is that the bankruptcy puts a stay on attempts to collect debt. This also puts a stay on foreclosures although lenders will hire or have attorneys that will try to get the stay lifted so they can proceed with a foreclosure sale. There is nothing to lose in contacting them. You may need to coordinate this with the bankruptcy court or your BK attorney if you have one.
Try skip tracing the owners. I use free msn people search, or infousa as good websites for free skip searches.
If you think its worth it, you can pay a few bucks to find them online as well. You may want to check around for a good company for this, because you will probably need it in the future anyway.
GL !
Hi
Have you tried to ask for a forebarance plan with your lender this will allow you to have your mortgage company put the payment on the back of the loan and give you time to restructure your finances. "they have to listen to the plan...
I dont think they are able to afford forebearance they can not even afford what they woe now, have you anywhere else to go? If so you can possilbly rent it out to pay the payments or try setting it up so the goverment will fund you the rental money, section 8 or hud, I am not sure what the law is with mobile homes and section 8 but anything is worth trying.
I f you have no where else to go I would try selling it off for less than mortgage just enough to settle the mortgage and put a few dollars in your pocket to save your credit. Do you have a listing agent?
You could try to sell it with owner financing. Make sure that you request a down payment big enough to cover your redemption fees. Once you have that done, then you will hopefully set it up for a monthly cash flow. This would help you pay your rent at your next location and keep you from having a foreclosure taking it all away.
Hopefully you can afford to make a sign, or flyers, or place a classified ad in the paper. If you can do that, then you probably have enough to get everything handled.
Make sure to put OWNER WILL FINANCE in bold and large print. That always catches peoples eyes, and gets the good ole phone a ringing.
My only other thought in this situation is to have an investor attempt a short sale.