Trying to Make This Work - Posted by MC

Posted by David Alexander on October 28, 2000 at 12:18:33:


I thought you were opposed to doing deals “subject to”.
I guess alot changed since I talked to you about it last year. Sure makes it easier on the funding side.

David Alexander

Trying to Make This Work - Posted by MC

Posted by MC on October 27, 2000 at 16:10:16:

I have a seller who is willing to break even on a 132k 1st and a 21k 2nd (153k total). A market analysis by a Realtor-friend puts the house around 200k, and the house is in the highest sales volume in my area. My lender will only give 130k on 200k. The house is in great shape, so I was wondering if the debtors would possibly come down on their payoffs, to avoid the foreclosure proceedings, and get the numbers right for my lender to loan the money.

Has anyone seen this happen? Any other suggestion on how I can get this property? Thanks for the assistance.

Get the Deed! - Posted by SCook85

Posted by SCook85 on October 28, 2000 at 10:00:36:

Have you considered getting the deed from the seller? Tell the seller that you would like to help them but the bottom line is your lender is only willing to lend 130k and that isn’t going to cut it. Get the deed and take the home subject to the existing mortgages and you won’t have to borrow anything.

I’m also with Phil on this one about the realtor. Do your own due diligence. Some of my biggest mistakes came from listening to realtors and their “opinions” of what a home was worth.

Happy Investing!

Steve Cook

Who Knows Until You Ask. - Posted by phil fernandez

Posted by phil fernandez on October 27, 2000 at 18:53:36:

If you don’t ask the 1st and 2nd mortgage holder for a discount, you will never know. Why not contact them.

Also, " a realtor friend" bothers me. Do not depend on any realtor, friend or not, to tell you what a property is worth. Remember, the realtor, only makes money when they sell you a property. Do they care what you pay for that property. Think about that one for a minute.

To depend on what a realtor tells you is a recipe for paying too much for a property.

Good luck and keep us posted.