Second Wants A BPO
I think the second wants a BPO because they may foreclose, pay off first and sell the house? Is there any other reason? Can second work a deal with the first to buy the note. 1st is about $103k, second about $25k. Will first let second pay it off for the simple payoff, or will first want all its fees, etc, on top?
I recently worked on a shortsale where the sale date was 2 weeks away. I called the mitigator on the account and they informed me they would only postpone if i paid them $1,400. Obviously i refused to do so since there was no guarantee my shortsale would be accepted so i negotiated with them. I explained that i ws very interested in the propertyand could fax over a prequal letter. They eventually took $200 to postpone the sale. Granted it would be best to not pay anything, but it was a promising deal and i fealt 200 was reasonable.
I recently worked on a shortsale where the sale date was 2 weeks away. I called the mitigator on the account and they informed me they would only postpone if i paid them $1,400. Obviously i refused to do so since there was no guarantee my shortsale would be accepted so i negotiated with them. I explained that i ws very interested in the propertyand could fax over a prequal letter. They eventually took $200 to postpone the sale. Granted it would be best to not pay anything, but it was a promising deal and i fealt 200 was reasonable.
What are you contributing to the deal... and what would you consider your "fair share?"
[addsig]
whatever you do, make sure it is in writting.
my contribution is finding the deal, and marketing it when its time to resell it, what i think is fair if he is gonna make a million little more little less i think 20% is fair
Perhaps you should create an entity (LLC, trust, or?) to hold title to the property. This entity could be owned 80-20 between your partner and you, with profits split accordingly.
Your partner would lend money to the entity at a reasonable interest rate as a 1st mortgage on the property, which should ease his mind.
Will he agree to give you 20% of the profits?
[addsig]
thanks Bargain76,
but if you could explain more when you said" Your partner would lend money to the entity at a reasonable interest rate as a 1st mortgage on the property, which should ease his mind"
thanks