Posted by Nate(DC) on May 23, 2003 at 17:49:46:
Or to go in a little more detail:
no, because they basically want full price. If it’s worth $125K, less realtor fee of 6% = $7,500 = $118,500 less $20,000 = $98,500 which is about what they owe. So they basically want full price, immediately, and are 3 months down.
NEXT!
NT
motivated seller: 3 months behind, 28k equity - Posted by Joe_NE
Posted by Joe_NE on May 23, 2003 at 15:08:18:
here are numbers:
2bed/1bath 956 sq ft.
comps: 125k-137k
amount owe: 97k
monthly payments: ~1k
condition: 7 or 8 on scale of 1-10
Seller is 3 months behind, almost 4. Seller is wanting 20k to put down on his next home. He says he needs it because he is doing a no-doc loan.
It would be a great sub2 deal, but if the seller is adamant about the 20k (plus some change for misc), is there a deal here?
Re: motivated seller: 3 months behind, 28k equity - Posted by Sean
Posted by Sean on May 25, 2003 at 02:16:00:
Guys about ready to lose his house and he wants 20k out of you on a house he owes 100 on only worth 125? So you are into a 125 property for 120 + costs… no deal here at all. This seller isn’t dealing in reality… they are in extreme denial, soon the bank will have his home, and he’ll have nothing for it, and guess what, he won’t qualify for that NO DOC loan he thinks he can get now, because that foreclosure will likely take his credit score below the minimum NO DOCs want.
So, he’ll have no house, and lousy credit… I say, wait a month or two, he’ll be calling you to rent one of your properties.
I Concur Fully - Posted by Gerald-DC
Posted by Gerald-DC on May 24, 2003 at 24:47:39:
Putting down 20K on this deal is nonsense. If you got 20K to put down, you can easily find better deals. If you want this house, tell the seller that you can take over the payments, make up the late payments and that’s it. Expect resistance and a rejection but you may get a phone call later when the seller realizes that he is asking for pie in the sky.
Of course, you should really analyze the deal to make sure it makes sense even if he agrees to the above.
Re: motivated seller: 3 months behind, 28k equity - Posted by Nate(DC)
Posted by Nate(DC) on May 23, 2003 at 17:48:33:
NO
NT
Re: motivated seller: 3 months behind, 28k equity - Posted by Nate(DC)
Posted by Nate(DC) on May 25, 2003 at 23:09:27:
Actually if he is 3 months down, he is ALREADY below the credit score needed to do anything but the lowest sub-prime financing…
NT