possible sub2 deal
Contacted a gentleman who needs to sell his existing home (vacant) in order to qualify for the loan he is having built. Asking $133,900 tax value $121,400 purchased in '98 for $111,000/don't know whats owed yet. Would it be possible to take deed on sub2 with t/b in place and sell his original note as discounted paper to cash him out sooner. Thanks for any responses. morris smmobile@msn.com">smmobile@msn.com
Hi and thanks for posting,
I would get more info on this deal. If he bought it for 111k and wants 133k how much is the house really worth?
2nd I wouldn't do this a sub-2 Unless I could beat down the equity until there is nothing left which if you look at it there isn't.
5-7% relators fees to sell it $9,310
3% closing costs $3,990
on and on......
He wants cash were there is none.
Don't make his pain your pain. Keep it simple..
I would take it off his hands if he wants to walk and thats it.
Just my thought.......