Is this a deal? - Posted by Mark Richardson

import · February 22, 2006, 4:51pm

Posted by al on February 27, 2006 at 09:42:49:

Sounds possible…your option contract would need the contain language allowing assignment of the contract to a third party. One question is if it appraise so high why would the selle or you let it go for 425 and 500k

import · February 22, 2006, 4:51pm

Posted by Mark Richardson on February 22, 2006 at 17:51:16:

All,

I posted this in the Main Forum as well.

I have come across a deal through a friend of mine that seems - on the outside - to be a doable deal; however I wanted to make sure here first. Details: $400K owed on home in Colorado, appraisal for approx $950K-$1M, seller wants to walk from home while getting paid $25K. Seller was in private financing deal. Seller got behind on payments, private financier decided to foreclose. Seller went to courthouse and received a 30-day extension (we’re 1 week in) to find alternative financing for deal.

My friend has come to me for advice and will split all proceedings with me. Here is my thought - is it feasible? We put an option contract on this home for the sales price of $425K for the remaining 21 days. We would like to flip this contract to an investor for $500K. Is this something that is attainable? Would anyone on this board be interested?

I can give more details - obviously, this is a rush. Just trying to see if this is something we could do. My email is markhrichardsonatgmail.com.

Thanks!

Mark