Posted by Ed Garcia on February 01, 2009 at 12:09:01:
PAE,
You donâ??t tell us if when you sold the subject property, did you carry a second or are you completely out of the deal other then the original first mortgage being in your name?
Did you sell it on a wraparound, land contract or as I said above, are you out of the deal?
You also donâ??t tell us if the buyer who purchased your property is willing to sign the property back to you, allowing you to cure the first?
You mention you purchased the property in 2003 for 120k and sold it in 2006 for 160k, but give us no indication of what you feel the value is in todayâ??s market?
I have many more questions but my point is you havenâ??t made it clear as to how youâ??ve conducted your sale to your buyer.
If you like for the saving of time, you can call me next week at (909) 944-0199 and we can discuss this deal.
Got a problem and was asking for advice as to what my options are here.
I bought a commercial property for 120,000 back in 2003 and put down 20,000 and the seller took back 100,000 for 15 years with 6.5% interest no balloon.
Well, in 2006 I sold my interest in the property to an out of state guy for 160,000. Fast forward to now- the original owner is forclosing on me due to non payment of the guy I sold it too. He completely abandoned the place for about a year. Theres a large water bill and property taxes nearing 25,000 past due.
The amount owed is approximately 85,000. I’ve ran the property for 3 and a half years, so I’m fairly comfortable in its cash flow. I’d really like to make up the past due payments and buy it back again.
I have an interest in a SFH thats worth maybe 40,000 but my cash assets are tied up. My credit is poor. I do have immediate family with excellent credit and cash that may be able to help out. What do you experts suggest I do?