Posted by Lee on June 25, 2003 at 14:44:38:
Well you could get the seller to quit claim the title to you. Sell the house with owner financing at $68,000 with 5% down for a quick sale. There’s your $3400 to pay back the taxes and then with the balance you’ll need to pay a few hundred a month and you’ll set. Plus you get a small monthly cash flow. If you didn’t want to wait for the money sell your note to the folks on the cashflow forum.
Lee
Help on Deal - Posted by mei122@aol.com
Posted by mei122@aol.com on June 11, 2003 at 19:40:15:
A seller has signed over his rights to a property. It has two bedrooms. Here are the details of the deal:
Mortgage Balance: $56,000
Delinquent Taxes: $5800 (redemption period ends in October)
Market Value (based on my research): $71,000
How can I do this deal? Is it worth it? In essence I have five to six months to pay the back taxes on the property. How can I structure a deal that could make this house sell quickly and at a premium?