Start SS W/o Deed?? Looking For Alternatives Still W/ Control...
Hi,
I have a HO interested in a short sale, he wants 1/2 of the profit, I am ok with that (partnership agreement), HOWEVER: I don't wanna do the work w/o being in control/having the deed (unrecorded).
But advisor/friend of HO says no to that.
Alternatives???
I offered some cash in escrow with MY attorney (they don't like the MY attorney part). They mentioned that they have 10k upfront offer - which I believe is a lie... Who would lay out that kind of $ not even knowing if banks wants to play ball? Am I missing s.th. here?
Also, DO YOU HAVE ANY OTHER WAYS BESIDES DOUBLE CLOSING to cash out (and presenting 'first' buyer/my company as all-cash buyer).
I tried assigning my trust to my buyer for a commission but they didn't wanna do that...
I imagine I can't assign my contract since that would pi** off the bank, seeing that all of a sudden the name of the buyer mentioned earlier has changed..................
I appreciate your comments re those two points very much!
Thanks,
Falk
[ Edited by falkwillis on Date 06/22/2004 ]
Part of the deal banks give for allowing a SS is no profit or remuneration of any kind to owner. Maybe you could make a high offer for the furnishings. You could try to obscure the cash part of the transaction and hope it isn't discovered by the bank, but is your seller absolutely trustworthy? Worth trusting with ten grand? Who stands to lose what here? That the bank would want to short it can never be assumed anyway. Proceed with care.
Nah, don't proceed with care. Tell 'em to take the the other guys 10 grand and walk.
If you are right and the $10K is a bluff then they will be calling you a week or two from now. If its not-- let someone else deal with these guys. You always have to be willing to walk away from the table if you cannot get the deal you are comfortable with.
I agree with you
would you accept theirs?)
Told them to go with the 10k guy and all the best.
However, how about the they-keep-the-deed-part??
Any alternatives to do deal without me having the deed - and not being screwd by HO after negotiatiion of successful SS?
Maybe put deed in escrow with attorney? (My attorney...
Thanks,
Falk