Trying To Buy MH That Isn't Worth Asking Price

Currently I have a VERY motivated seller with a beautiful MH. The problem is what she owes and what it is worth is a difference of about 15k. How could I 'creatively' buy this MH from her and make it a win-win situation for both of us.

I'm really not interested in doing a short-sale. Taking the loan over in a subject2 isn't a good idea since she is paying 23% APR on the MH.

Could I buy the home from her RE Contract for what I think it's worth and then create another note in escrow where she pays off the difference? Need Help - thanks.

Comments(7)

  • 3rd July, 2003

    What's wrong with doing a short sale??? Everyone wins that way. Buying the property and leaving her with a note to pay off still would not be win/win. That would actually be really bad for her.

  • nmcurse3rd July, 2003

    I just haven't done a short sale before. Is there a good book on that I could pick up or a web site that would explain it better?

  • KyleGatton3rd July, 2003

    I would set her up with a lease to won buyer and just keep the down payment for my fee. Or I would manage the rental of it for a monthly fee above the rental amount.

    Good Luck,
    Kyle

  • Stockpro993rd July, 2003

    The first thing to remember is to invest with your head and not fall in love with the mobile home "unless it is a good business deal"

  • nmcurse3rd July, 2003

    That is my problem - I like the place and know it will rent but I'm not paying for her mistakes as a home buyer.

    Anyone know of a good book or site on short sales? Thanks.

  • KyleGatton3rd July, 2003

    The short sale primer, click on the TCI shopping tab

  • 3rd July, 2003

    There is a forum HERE and many articles HERE on short sales. They are really good.

Add Comment

Login To Comment