First Sub 2 Opportunity
Hello All,
I have enjoyed reading all of the valuable information available here. Here is my current situation, please let me know what you think of it.
1 year old home Aprox 200 K ARV
1st mortgage - 165,000
2nd mortgage - 37,000
When I saw the fact that there was a second, I assumed deal was dead, but upon thinking about it , should I offer for current owner to pay 2nd for 12 months to save his credit or just walk away?
Values in Jacksonville are typically increasing by aprox 7% per year, higher in some areas. With selling to Low credit individual, I thought I could get 15K up front and sell for 225-230.
Why walk? Sounds good. Give them $10.00 to make your contract good. Take over their payments (maybe give them $500 for moving expenses), sell with the 15K down. Sell for 225-230 or so.
OH, PLEASE...Can I have that horrible deal, PLEASE.
Sam
Can you say shortsale!!!!!!!
Hey, if the 1st is non-performing, you can get a 2nd to short the balance at 50% very easily.. 37l/2 --> 18,5000
Good luck,
Bginvestor
Ummmmm...Ummmmm...Short sale? I must haved missed something bginvestor. How far behind are they in their payments...?
TAKE IT SUB TO. Walk with CASH next month!!!!
Sam
I appreciate the inputs so far, Sub 2 is brand new for me.
Addl info: They are current as of February. His wife lost her job and he is having medical problems so they know that Bankruptcy is the eventual result and he wants out while he can save his credit. His 2nd is at 14% but he has yet to miss a payment.
Short sale won't work unless they are in default...
Of course subto can still work, its just that the profit margins are different