Many Questions
the California market is crazy
heres my question: lets say I fond a motivated seller that bought there house in 1999 for 230,000 now there house is worth 450,000 we all agree on a selling price of 330,000
I dont have 100.000 to give to them in cash
I was wondering what the best way do do this deal
do a sub2
or lease option
help please
how would you do this deal
your questions are not specific enough. I too am in the California market. Let me ask you:
1. What is the true motivation for this owner to sell? This is very important as it will tell you how to go about putting this deal together.
2. Is this owner willing to entertain a lease option?
3. If this home is in a good area and is in an appreciating market, why would the owner be willing to sell at $120,000.00 below value? Is this a rehab project?
4. Not knowing what funds you have available limits our ability to help you. If the owner would entertain a lease option, was willing to do a 2 year term for the selling price of $330,000.00 and asked for a 3% option consideration, that would translate into a $9,900.00 involvement from you. Are you equipped, at this time, to handle that?
Dave
[addsig]
mcole
what is the mechanics of that deal
how do i create a second
I know that if the owner would carry the second I would pay off at the sale of the house
but how would I do that if there willing (what contract or form)
I guess my question is how do I create a promisary note (a second) for balance owed at sale
Pete