NEW BEE Needs To Ack Fast!!!!
:-o :-oWOW! Im excited,
Just met with the owners and the realtor, the place as is stands is worth 124k, I sat down with them and ask several questions and getting some good information from them. found out that they owe 110k on the house and they need about 6k to cover all costs involved to include the realtor, I can rent it out with easy for 1150 maybe 1200.
the house is 6mon old, and the taxes are not even assed yet but estimating at 2600 yr.
MY OFFER
I will take the property subject to, I will take over your payments and pay each of you 2k (they are seperating by the way) and 2k for the realtor (which accepted)
THEY HAVE ACCEPTED ((VERBALLY)) (I know does not how water)
-- I need to right out the agreement and get the DEED in my hand was not able to (but they are not going anywhere)perpare everything
--I need a Loan Servicing Company to do up the paper work.
THey are going to be ing th house until April 5th.
ANY AND ALL ASSITANCE is APPRECIATED
DAVE
OMAHA NE :-o :-o
Sounds GREAT..get it on paper, quick!
Good luck
Joe
Be excited but also be careful, how did you come up with your tax figures. Run your numbers and if your planning on renting can you afford to carry the mortgage for a couple of months if need be?
ED
I got the estimated tax figure throught the realtor that check with the court house.
I have to be careful.
and Yes I could carry for a couple of months if needed.
I want to put the house either in a LLC or a Land Trust?
Im thinking that I can get the paper work ready and do the deal next week and still give them time to more on the 4th of April and giving them 1/2 of the 2K each and the other 1/2 on the the 5th of April after they move out.
Dave
Dave
Ive never had to deal with it myself but Ive heard lots of horrer stories about giving money before they are out of the house.
Ed
Thats why the split payment, I would think that they would be motived enough to move.
Dave
DWeaver,
Why not have the loan servicing company hold the 6k in escrow to be doled out upon owners exit. I'm sure if the money is in escrow it will be enought incentive for the owners to move and if anything should happen you are not out any cash. Just a thought.