quick sale of my home - Posted by kris

Posted by Bryan (NC) on July 01, 2004 at 07:35:56:

I can understand you concern, and no I wouldn’t be happy to have a deal undermined like this. But quite frankly, if the deal falls through, it probably should never have happened anyways.

Kris has already found his/her way here and all the information is already at his fingertips. You shouldn’t have to worry though, there’s a couple pretty big obstacles for him to overcome to put it to any use. The biggest is emotionally detaching himself from his house and financial situation. The second is overcoming the time factor and figuring out how to take action on this while he still can. It just doesn’t make any sense to me to not let Kris know what a great resource he has found here. How many people have come here in the past looking for the answers to how to sell their property under tough circumstances? I seem to remember quite a few recent post from others asking for advice on what to do to flip their contract or fill their vacancy when they’ve come to their wit’s end. In my opinion, by coming here, Kris is entitled to the same information as anyone else.

There may or may not be better options for Kris than giving up his house. That’s up to him though, not you. I’m sorry to have stepped on your toes in this deal, but this community is about helping others become educated on this kind of thing. (Not that I did a very good job educating him.)

quick sale of my home - Posted by kris

Posted by kris on June 30, 2004 at 09:35:48:

I got myself into one of these jams where I had to contact a quick homebuyer. I have equity in the house, but not enough for someone to want to buy and immediately resell. I received a call the other day from I guy that says he represents a trust. This trust would take over my payments and sell the home. I would receive no money for my equity, but at this point, I just want to be rid of the thing. He says at no point will they turn the house back over to me if they can’t sell it. They will make my payments until they sold it. I was just wanting to do some research on this before I agreed to it. I’ve never heard of this before.

Re: quick sale of my home - Posted by js-Indianapolis

Posted by js-Indianapolis on June 30, 2004 at 21:29:38:

I agree with David. As a seller you have no recourse if the buyer doesn’t make the payment. AND you have no house. They own the house, you’re on the loan. Will it work out? It could. People do it all the time.

Being that this is an investor site, I’ll probably take some heat for this. I’d say you’re crazy for doing a sub to deal. If you just want your payments to go away, sell it on Lease Option. You retain the house in your name. You retain the tax deductions (lost with sub to). As well, if they quit making payments, you evict. It’s the strongest postition to be in, with your name still on the loan.

In between Lease Option and Sub To is a contract for deed, or land contract. Maybe this would be a compromise for you and this investor.

You’ll have to look up all this stuff to get the good, the bad and the ugly, but here’s the list of how to sell on terms, strongest to weakest position.

  1. Lease Option
  2. Contract
  3. Sub To

Re: quick sale of my home - Posted by David Krulac

Posted by David Krulac on June 30, 2004 at 20:08:36:

the deal is only as good as the word of the deal maker. he can try to market your house, but if he can’t then he’ll stop making the payments, if he ever did make payments, and there will be a foreclosure on YOUR credit report. As Dirty Harry would say, “Do you feel lucky, sucker?”

Re: quick sale of my home - Posted by Bryan (NC)

Posted by Bryan (NC) on June 30, 2004 at 17:24:37:

If you have a few days that this can wait, you may want to read some more on this site. Part of the focus here is on how to buy houses, but the rest of it is in how to SELL houses (and you can find a lot of info on how to do it quickly too). The thing is, you can do the same thing any of us are doing (or trying to do). The trick for you is going to be to detach yourself emotionally from the house. If you’re interested, read some how to articles and some posts then just post your questions.

Re: quick sale of my home - Posted by tyrone

Posted by tyrone on June 30, 2004 at 14:39:30:

IF they are not willing to pay you for your equity it wouldn’t be a bad idea for you to ask them for asisstance with your moving expenses. Most of the time the investor will agree.

Re: quick sale of my home - Posted by Jason-Fl

Posted by Jason-Fl on June 30, 2004 at 13:15:27:

Sounds about right.

Where is the house located?

Re: quick sale of my home - Posted by Randy (SD)

Posted by Randy (SD) on June 30, 2004 at 09:47:06:

It’s called “subject to”. They will ask you to deed the property to them subject to the existing financing, meaning the mortgage will stay in your name. You would remain ultimately responsible for the mortgage payments although they will have a contractual obligation to make your payments. This topic is discussed extensively in the archives on this site.

Re: quick sale of my home - Posted by eric-fl

Posted by eric-fl on July 01, 2004 at 08:45:40:

Js, if I may humbly disagree.

I actually thought you WERE a sub2-'er (buyer). In that case, this strikes me as a little odd.

Let me play devil’s advocate, for a moment, as I have no stake (other than just intellectual interest) in this.

Would you, as a motivated seller, not WANT for the investor/buyer to be in a “stronger” position?

What I mean by that is this: I, as an investor/buyer, am far MORE likely to walk away from a difficult l/o than a sub2. On a sub2, I own it. I am legally responsible for it. I have the right to make alterations, additions, amenities, repairs. I have full right of hypothecation. I can get as creative or funky as I want in order to sell it. I can play with price or terms much more so than on l/o. And I can take a tax deduction on it, and depreciate it. As well as write off any repair or maintenance expenses.

I can’t do any of that on an l/o.

To me, as a buyer, the advantages of a true OWNERSHIP-type of situation, such as sub2 or land contract, so far outweigh that of l/o, I wouldn’t even bother to buy with it - with the minor exception of it being a 3 to six month “trial deal”, that automtically converts to a sub2 with my timely payment. (Also might not be a bad counter-proposal for the originator of this thread).

I would also submit that this thread originator, or any seller looking to sell to an investor sub2, do their due diligence. But then, that’s something that everyone should do all the time, regardless, right?

IMHO, this wouldn’t be too hard to flesh out. Just ask the investor some pointed questions: “How long have you been doing this? How many other properties have you bought like this? Do you have any testimonials, referrals, any people I can contact who can vouch for you? What qualifies you to do this? Do you have to have some sort of a business license to do this? Is there some sort of agency or oversight body that regulates this? Isn’t this sort of like banking or lending are you interfering with banking regulations by doing this? Is this legal? What happens if you die?”, and so on.

We both know the answers to those above questions, but a seller may not, and they should. I can say that I, personally, would not have any trouble answering those questions, and would respect a seller more for asking it. I’d honestly rather do business with people who have their heads screwed on straight. But such a line of questioning WILL flush out and fluster an inexperienced “seminar graduate” who may not have adequate experience or capital, and really has no business doing such a deal. But my overall point is, sub2 CAN be a good thing, and often, the BEST thing, for both parties involved, when done properly. You just have to do your homework, whether your a buyer OR seller, if you don’t want to get burned. In any business, not just real estate.

Re: quick sale of my home - Posted by anon

Posted by anon on June 30, 2004 at 23:01:03:

JS, see my post below.

Hmm, maybe I should track down all JS’s deals and screw around with them. Not to hard to do JS with the internet.

Re: quick sale of my home - Posted by anon2

Posted by anon2 on June 30, 2004 at 22:58:35:


Please read my reply to Bryan below, it pertains to your reply as well.

Of course, i know bryan is doing deals that make sense and would not take on a deal that didn’t work.
I don’t know you so I don’t know if you have done any deals Sub2. If you have then you know you comment is out of line. Why scare the seller if the person she is doing business with is honest and ethical. Like me, Bryan and many others here. Including you…and that is an assumption I am making that I trust is correct.
So, if the deal is done right and the seller and buyer have a meeting of the minds and an agreement is penned the works for all involved, why scare kris off with your comment. Her buyer might be her only salvation.

just my 2 cents. Good day

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Re: quick sale of my home - Posted by anon2

Posted by anon2 on June 30, 2004 at 22:52:10:

Hey Bryan,

I am posting anon because I don’t want to cause a major problem. But let me ask you, would you want me to give Kris the reply you gave her if it was your deal? Just something to think about.

As i am sure you do, I run a very honest and successful business and it burns me up when a newbie or competitor (which you are neither, I might add) trys to throw their 2 cents in to my deal and the thing goes south.
The only advice I have for Kris is ask to see some references of past clients to make sure the person you are about to “do business” with knows what he/she is doing. You don’t want to be the 1st client.

So, in conclusion, Bryan you have every right to voice your opinions but we all do the same thing here so you may not want to undermine someones deal by trying to educate a seller.

Have a nice day

Re: quick sale of my home - Posted by kris

Posted by kris on June 30, 2004 at 13:27:48:


Re: quick sale of my home - Posted by kris

Posted by kris on June 30, 2004 at 13:25:58:

thank you very much

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Re: quick sale of my home - Posted by Patrick Gower

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Re: quick sale of my home - Posted by David Krulac

Posted by David Krulac on July 01, 2004 at 19:29:01:

I’m not trying to scare anyone, only for them to be cautious. If the buyer is a person of their word and won’t just cut and run as some have done, then the buyer could be her salvation.

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Re: quick sale of my home - Posted by Michael Ross

Posted by Michael Ross on July 01, 2004 at 22:08:08:


Thanks for putting the other side in.

I am obviously NOT the person in question. But I can put myself in their shoes. And I know, the last thing I would want is to ask experienced people for information, and have them refuse to give it to me so they can keep shop.

This is the very thing which is wrong with the medical profession and legal profession. They all protect each other to hell with the client.

Perhaps, this seller’s fears would be alleviated if you would provide people with a FAQ sheet of paper. You might find you convert better. Instead of trying to “convince” others NOT to talk to people who ask questions.

Also, there is obviously some doubt in this seller’s mind about you or the concept. Again, a FAQ provided by you would help here. Use this seller’s question asking as a guide to what you should have covered in the first place. And this will thus help improve your “presentation.” Customer Requests Are Profitable. If only you will be willing to listen to them.

Your posts come across to me as those of someone begging/pleading for others not to let the seller know the scoop. For mine, that hints at something. Desperation maybe. Because I would think a legit person would have no qualms about such questioning, and may even encourage it.

Michael Ross