ways to make money on this deal? - Posted by Mark

Posted by David Alexander on October 20, 2000 at 22:33:22:

With someone in bankruptcy, no one is going to take a chance above 70% most. Then you top it off with selling to someone with no money into the deal at below market that’s going to lower the level even more.

Yoor friend wants you to create a miracle, and waste your time.

David Alexander

ways to make money on this deal? - Posted by Mark

Posted by Mark on October 20, 2000 at 22:12:18:

My friend has a house that I am helping him to sell,he is out of town alot and does not have the time.the house is 2 story 3 bdrm.it is located in a not too desirable area but not too terribly bad either. house could use some cosmetics,nothing extensive rehab wise. My friend told me that he would split the profit on this house if I can put a deal together.
My friend’s sister is the tenant and has been for thhe last five years paying her rent on time ($370.00) monthly she would like to purchase the property…she had a chapter 7 less than a year ago and no money for a down payment so this might be difficult.The payoff of the current mortgage is $29,000 house should appraise at $40-42,000
my question is…could a note be created and sold at closing?..could seller take a note as partial seller carry back financing?
I forgot to mention sales price of this property…my friend stated that he would sell for $35-36,000
Any helpful ideas in putting this deal together greatly appreciated. Thanks!!! Mark

Re: ways to make money on this deal? - Posted by Roy

Posted by Roy on October 23, 2000 at 16:06:05:

Brother to get new loan, to get his money.
Sell to sister on wrap!
May work work

Re: ways to make money on this deal? - Posted by dewCO

Posted by dewCO on October 20, 2000 at 23:36:17:

The house should sell if your values are correct. However, the sister won’t make it happen right now as David said.

If she has good reestablished credit she could buy FHA at 2 years from the discharge date. So before you waste your time, does the sister need to be the buyer? If not just sell it. If so, fuggetaboutit.