How Would You Handle This?
What would you do in these types of situations?
Situation 1-you're dealing w/ motivated seller and you're buying subject to existing financing and then flipping it. How much do you offer this seller at closing and how would you prepare the statement for the seller to accept monthyly payments of your offering price?
1) FMV - $340,000
2) Mortg Balance - $140,000
3) Liens - $10,000
Situation 2- same situation but numbers are different:
1)FMV - $200,000
2)Mortg Balance - $180,000
3)Liens - $2,000
I prepared situation 1 to have lots of equity and situation 2 to have little because some investors treat would treat them differently. As in using a different pricing formula. Thanks.
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