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.
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.
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?
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
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"
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.
The short sale primer, click on the TCI shopping tab
There is a forum HERE and many articles HERE on short sales. They are really good.