How Do I Get Owners Some Walking Money?
i have an owner with about 50k in equity and wants to walk with about 20k to rebuild his life and is willing to leave me 30k. there is a first and second mortgage and i want to short the second for some additional profits. but i know my sales contract cant reflect the owner getting anything at closing. how can i get my owner 20k? i know i can pay him to clean the property upon vacating and i can buy his appliances, but what other realistic things can i do, to arrive at a figure of 20k? and is having a side agreement such as these 100% legal? this is possibly my first deal and i dont want to get caught up in anything unethical. thanks for your input!
eric
Property w/ considerable equity are poor candidates for short sale
What would be the mortgagee's motivation to accept less than they are due if they have an adequate cushion of equity and would be made whole as a result of foreclosure?
Perhaps you should consider another acquisition technique.