Posted by NVI on April 03, 2003 at 04:43:01:
Get the deed , then once she finds where she is going go directly there and pay them yourself, so she can move in.
Need alittle help…“Moving Money”??? - Posted by Kristy-AZ
Posted by Kristy-AZ on April 02, 2003 at 23:03:46:
Hi all,
I have a lady in pre-foreclosure. (Remember the one with the "low life, unemployed fat a#$ boyfriend?)
Well she finally called me back today, he is out, her water has been tunred off by the City and she wants to sell the house and move on. Easy enough, we have the cash to buy it, but…
She has no money to find a place to live. How can I structure something to get her some $$ to put down on an apartment or something before the house closes? I don’t want to just hand her some moeny and say “find a place”. I will be meeting with her Monday to go over all the numbers.
I already told her, she would get money at closing.(No problem, there’s plenty of equity) But she needs something to be able to move out of the house!
The house is trashed!! El Dumpo! But a great opportunity. And we need to get in as soon as possible.
Any suggestions are greatly appreciated!! Once agian, thanks in advance.
Kristy-AZ
Re: Need alittle help…“Moving Money”??? - Posted by MoniqueUSA
Posted by MoniqueUSA on April 03, 2003 at 18:23:54:
Like NVI said, close and get the deed. After you have the deed, pay for the moving truck, etc. to get her out.
Don’t pay $0.10 to reinstate until she is out. Make sure she knows that you will solve her problem (stop the foreclosure) once she is settled into her new place (the heck out of the house).
MoniqueUSA
Re: Need alittle help…“Moving Money”??? - Posted by ~Steve~
Posted by ~Steve~ on April 03, 2003 at 11:20:54:
Kristy-
Just pay the tenant to move, so you can get rolling on this one. You mentioned there is alot of equity and the tenant will be getting money at closing. Write up an addenda to the contract where the money is returned to you at close.
Keep it Simple
~Steve~
Re: Need alittle help…“Moving Money”??? - Posted by Tim Fierro (Tacoma, WA)
Posted by Tim Fierro (Tacoma, WA) on April 02, 2003 at 23:40:41:
You could put the money in escrow and have the escrow give her $x dollars immediately and that can be written into the contract and escrow proceedings. You can even word it so that in the event of a seller’s default you would get a DOT on the property at some agreed upon dollar amount with some set interest (very high).
You are in a situation where you want to give her the money so you can get in now and work on it, but you also want a little protection in case something goes wrong in the deal; the DOT as the recourse might be the way to go. Make sure the escrow officer understands what you are trying to do so that they can write it down correctly and THEY CUT THE CHECK to her, not you.
If she owns her car free and clear, that might be an option for collateral also.