Is "CASH FOR HOUSE" Real?
I'm a little confused about this one.
When an investor advertises "cash for your house ...", are they really giving a seller $5k (or whatever) and then taking over the mortgage subject to
OR
Is the investor giving the seller $5k (or whatever makes sense) and getting a loan for the existing mortgage (which is low compared to the value of the house of course).
I want to say this in my ads, but don't want to be skewing the truth too much.
I'm ordered the subject to book from John Locke, and can't wait to get it!
Not sure if this will be covered.
Any help with this would be great!
Thanks much,
Paola
When you buy the house, the seller will be paid any amount due to them with cash. (Actually a check) for the amount due them after everyone has been paid according to escrow instructions. This happens if you are bringing cash or new financing to closing. At least you won't be asking them to carry back financing for the deal to go through. Psycologically they mayt think that you have the cash to buy their home, and you may, but this is not necessarily so.
Jeff
John Locke's program explains how to determine what to offer the seller. Do you have a yellow legal pad? You'll understand soon enough. John's program/system is a how to guide for sub to. Also, you get access to his web site, which is a Great forum. And you get John's cell phone number.
Good Luck!
JHixson
Thanks for the replies. Oooh, I get John's cell phone number...he's gonna regret that !!!
Best,
Paola