Posted by David on April 06, 2004 at 12:38:54:
Please Excuse me typographical error. It is a “Subject to”. The property is a Duplex and Thanks you answered my question.
David
Short Sale Duplex - Posted by David
Posted by David on April 06, 2004 at 01:21:23:
There is an owner of a duplex who is open to the idea of selling the property subject to for her equity.
How would this deal if it is a deal be structured. Would the cash for the equity be avialable through a Hard Money or Private Lender?
David
Re: Short Sale Duplex - Posted by Randy (SD)
Posted by Randy (SD) on April 06, 2004 at 12:35:20:
Your post is very confusing! The subject line says “short sales duplex” then you go on to say the owner is willing to sell the property “subject to” for her equity. In other words if you pay her her equity in cash she will allow you to take over the property subject to existing financing… where do you get short sale?
The answer to the second part of your post regarding hard money or private lender - Probably not, due to the fact that most hard money or private lenders would want to be in the first position. What you’re proposing it is 100% CLTV which is possible for an owner occupied buyer with a good credit. Is the owner leaving any equity in the deal or are they wanting full retail value?