This was the most hassle free deal I ever did - Posted by Tarun_md

Posted by ScottE on October 23, 2000 at 18:53:42:

Tarun,
Cobgrats!

How did you market the property, including what your ad said?

Thanks
Scott

This was the most hassle free deal I ever did - Posted by Tarun_md

Posted by Tarun_md on October 22, 2000 at 20:26:08:

Hey guys,
I haven’t posted anything in a while but I have been reading everything on this site.
Today…I walked with 5k cash from a property I have been marketing for only a week.
Here are the details.
House worth 131k
Mtg balance is 133k(its 2k overleveraged)
I had it set up as a cooperative assignment where I would just assign the agreement.
I gave the seller nothing upfront.
To make a long story short, I got it under contract last week, found an assignee today who brought 5k cash with them at the open house, I got the cash and I assigned the deal.
Man…I love this business.
Tarun Saighal(Maryland)

What is a cooperative assgnmt? - Posted by SueC

Posted by SueC on October 23, 2000 at 08:35:30:

You and the seller were assignors?

don’t forget the release - Posted by JDenney

Posted by JDenney on October 23, 2000 at 24:34:30:

Congrats, but get a release from libility from the original owner. Whithout it you are still on the hook if you buyer flakes

Re: This was the most hassle free deal I ever did - Posted by dewCO

Posted by dewCO on October 22, 2000 at 21:23:31:

It was already over leveraged and you got several thousand dollars cash more??? How did you do that?

Re: This was the most hassle free deal I ever did - Posted by Laure

Posted by Laure on October 22, 2000 at 21:22:19:

Good going man ! Write a success story and send it to JP. Love this stuff !!

I just had a T/Buyer turn their keys in on Friday. I got 3k down from them three months ago, and 900/month. Now I get to sell it again ! LOL

Hope your buyer moves out on you in a couple of months too ! LOL another 5k ! Dang I hate this.

Laure :wink:

Re: This was the most hassle free deal I ever did - Posted by Tarun_md

Posted by Tarun_md on October 22, 2000 at 21:59:35:

Dew,
The key thing in these type of transactions is to get good terms that you can pass on to the end buyer.
On this deal, I negotiated a 3 year lease/option, with a $200 rent credit for the first 12 months only.
Buyers who cannot qualify by bank standards are willing to pay you over market price as long as they can get into a house. All they care about is how much down and how much per month. They don’t care about the purchase price.
Hope this helps
Tarun