Posted by Tom on July 02, 2001 at 05:48:29:
First, never do business with family members.
I’d offer to buy the house on Subject To.
HELP! HELP! HELP! IN NEED OF ADVISE!!! - Posted by Todd
Posted by Todd on July 02, 2001 at 04:43:59:
Situation: My brother in-law wants to sell his house so that he can move back down to south. The house is worth 95K and he said he’s willing to take 90K from me. I’ve seen and did my own appraisal on the house and I know that I can make a 10-12k profit on it.
Problem: I have no cash and less than perfect credit which makes it hard for me to try to put a second morgage on the house. I tried to use some creative finacing but he says that he needs some cash so that he can buy a new home.
Question: Is there any special programs around where it would be easier to get a morgage or is there any advise, information that anyone can give me on what I should do. Any profitable advice would be awarded dearly.
Thanks!!!
Re: HELP! HELP! HELP! IN NEED OF ADVISE!!! - Posted by Kevin Subbert
Posted by Kevin Subbert on July 03, 2001 at 24:48:02:
$5000 isnt a big discount. My advice would be to find a better deal. Who is paying closing costs? Would have to be your brother if you want to make any money. Who will pay closing costs when you sell? Better be the buyers. What if it doesnt sell for a couple months? A couple grand in holding costs eats that profit pretty quick.
Kevin Subbert