Posted by Matt in Mich on July 12, 2003 at 12:26:26:
Congrats on this deal! Did you do a short-sale to
do this. Amazing!
Matt in Mich
I Did It - I Now Own a House!!! - Posted by Elizabeth
Posted by Elizabeth on July 10, 2003 at 19:22:39:
I want to say hello and thanks to everyone for your response to my posting yesterday about my first deal. I knew I was going to have problems looking for financing on what seemed to be a perfect deal.
A lot has happened in the last 24 hours and I now have the deed to a $250K property with a reduced balance of approx. $120K property due on original loan. A mortgage broker tells me that because I legally own the house, and regardless of my credit, I can either transfer the original mortgage to my name or make new mortgage and pay off the existing loan and she is working on doing that for me. She says the funds I cash out at closing will have carved out of it the funds necessary to pay off the debts on my credit report which in truth is only about $10K which apparently is a requirement to clean up the credit problem right at closing.
In the meantime, I am toying with the idea of just selling the deed. I have had investors calling me all day wanting to offer me their paltry $5K but as I said a lot has happened in the last 24 hours and a light bulb went off in my head last night when I realized that not only was the owner basically signing over the deed to me, but that I actually own the house. It took a while for this to sink in. I have had an offer of close to $50K just for the deed today. It’s as though these investors can “smell” the deal from far away.
As of about 3:30 today I increased my net worth from about $10 to approx $120,000. All I have to do now is pay off the existing loan and determine if I want to keep the house and lease option it to the local college (which leases a lot of property in the area), or sell it outright. I have made myself not fall in love with it so I don’t think we’ll be living in it although that could be an option.
But I just keeping telling myself - “Oh my God, I own a house!!!”.
This is so fantastic!!!
Elizabeth
Re: I Did It - I Now Own a House!!! - Posted by Daniel
Posted by Daniel on July 15, 2003 at 13:01:26:
Elizabeth,
First of all…CONGRATULATIONS!! I’m a newbie and i’m still trying to figure out How to find a deal and flip to another investor…Anyway i just want to ask you How did you found your deal?
Thanks
Daniel…looking for some light!!