OfflineI have a motivated seller who saw my bandit sign and called me however, she walked away from the home because she could not pay the morgage anymore. she owe 400,000 the home is worth 300-350,000.
I was thinking the best stratergy would be a short sale I would appreciate some help from the DG family.
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Hi Demetrius,
Maybe instead of a short sale. You can get this property Subject to. You can rent or Lease Option it and get cash flow every month. Check it out. http://www.creonline.com/how-to-buy-a-house-subject-to.html
There is lots on google for subject To and Lease Options.
Reynolds & Haidee
Hi Demetrius,
If the seller wants to sell and it's a short sale, 99% of the time the bank will require it to be listed through an agent that specializes in short sales. The agent would provide the paperwork. The bank wants to list it on the MLS to get maximum exposure and offers. That said, if you submit the paperwork and have time and patience, you can get a great deal!
As Reyn mentioned above, "subject to" could be a possibility. However, make sure the numbers make sense. The current seller owes more than the property is worth, and you don't want that become your problem instead.
Good luck!
- Tom
http://www.azgat.com/Documents/ShortSaleSolutions/Short%20Sale%20Guide.p...
Wow~ Thank you all!^^
TRSD from southern CA, where do you wholesale? Looks like you have all the sources that are necessary for REI activities.
I was also looking into the details about "subject to" deals as well; Thank you Reyn.
I stumbled into this short sale property in my daughter's school neighborhood which has the huge price reduction recently. I really want to move this deal by setting up a LLC to assign and possibly live in there by having my end-buyer purchase it with cash and turn it around and sell it to me as "rent-to-own" option since I have no cash or credit to bring it onto the table as of now.
Does it mean that the "subject to" is the only method for the "rent-to-own" option?
Do you think that is the best way to go for me if I really want to live in that short sale property?
Give me an email out at support at reiwealthacademy.com so that I can get so more info and see what we can put together on it. It could end up as a short sale but not always. I have done several of these type deals so if I can help I will. Keith
Not having a goal is worse than not setting one..
http://www.deangraziosi.com/real-estate-forums/investing-journals/92139/... -
http://www.deansmedia.com/play.php?vid=266