Posted by David (CA) on January 15, 2004 at 15:20:36:
You can have the seller refinance the house to get the cash to pay off his investor, then you agree to make the payments on his loan.
rehabber/builder called - Posted by Bill (WI)
Posted by Bill (WI) on January 15, 2004 at 13:07:52:
Seller called me up and said he has a house to sell. He is not behind in payments. I was careful about what I asked him so I did not scare him away so I dont have any $$ details? But thats not the point.
Anyhow he built/moved this house to a lot with money he got from a friend. The catch was that he needed to sell and cash her out in 1 year. The friend ran into hard times and wants her money now. Short of getting a loan and cashing her out, do I have any seller financing options? I cant think of anything that would I could to with little money to get into this property. Does anyone see something I dont?
Bill
Re: rehabber/builder called - Posted by Randy (SD)
Posted by Randy (SD) on January 15, 2004 at 14:26:53:
Even a ?seller financing? type of transaction is a new loan. Have the seller sell it to you on a note to be sold at closing for cash. Understand an investor buying this note is going to look at your credit and the details of the transaction-the LTV, down payment and seasoning if any. One advantage to this type of transaction is the underwriting is a little less stringent meaning if you have decent credit scores you might be able to get into it with no money out of your pocket. E-mail me off line if you need help.
Re: rehabber/builder called - Posted by Randy (SD)
Posted by Randy (SD) on January 15, 2004 at 13:49:13:
Without any details of what the seller needs it?s difficult to answer your question. There is going to have to be some kind of the new loan in order to cash out ?her? money. I suggest you find out the fair market value of the property and what the seller needs, also how is your credit and do you have any money for down payment?
Re: rehabber/builder called - Posted by Bill (WI)
Posted by Bill (WI) on January 15, 2004 at 14:36:52:
So how do I make money in the deal? So the notebuyer pays cash which pays off the private investor and the seller if they are to get anything? Than I have a house and some investor has a note I have to pay? I dont know any notebuyers, are they easy to find? Do they deal with no money down deals?
Re: rehabber/builder called - Posted by Bill (WI)
Posted by Bill (WI) on January 15, 2004 at 13:58:29:
The seller just needs to pay off his investor. He wants a minimum of 100k. I dont want to take out a new loan in my name. I was looking for other ideas but I cant think of any.