Halfway thru “FIRST DEAL” - Posted by Rickey-TX
Posted by Rickey-TX on October 24, 2000 at 11:16:24:
About a month ago I posted a question “Can seller back out” to which I received some great advice that put the seller back in check. Thanks to all who responded and thanks to all who post on this site.
Here is what’s happened so far:
I received a call from a lady (from “we buy houses” sign on my car) who was about to be forclosed on and just wanted to get out without a fc on her credit. The seller had been in this house for 36 years and felt she had no other choice. She owed $32k from home equity loan and $2,200. in back taxes for 98 & 99. The comps in the area retail for $75-85k. I had to jump thruogh a few hoops to receive clear title (it was pretty screwed up). I then offered the loan holder $25K on a short sale, they countered with $27,500 to which I accepted. I received funding through a private investor of $35k for 12 months or when sale is complete at 15% interest. I closed the deal on yesterday.
Plans are to:
spend 5-7k for fix-up and retail for 75-85k
Details of deal so far.
$27,500 to pay off loan.
3,908.25 for 98, 99, & 00 taxes.
3k to seller (for moving expenses).
start fix-up 11/5/00.
I have received a wealth of information from this site. I am trully grateful.
Thanks for listening, I needed to share.