OfflineHey guys,
I've been getting calls through my bandit signs that they want to sell their houses but they have loans on it. How do I approach this? Or should I only buy houses that are free and clear?
Thanks,
Sam
p.s. quick replies are appreciated
__________________
Thanks for the quick reply. So would it be just like a normal sale? I mean if they owe 150k let's say and the house is worth 300k and the guy wants to sell it for 230k, I would just buy it for 230k and pay off the 150? that would bring the price up to 380k for me.
Or would I have to buy it for 80k (230 minus 150)?
Your guidance is appreciated.
You would buy for the price the owner wants the 230K and pay off the 150k loan that is still owed most likely to a bank.
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Well thank you. Makes sense. The guy does not seem too motivated so I'm gonna let it pass
use search box
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
If you've got a buyer lined up, then you want to find out what they are willing to pay for the house. Maybe you have a buyer who is willing to pay $230K, then you would need to buy the house for a little less than that in order to make a profit. But, if you have a buyer who is willing to pay $280K, then you buy the house at $230K, sell it for $280K, and pocket $50K.
Hope this helps,
Stephan Roberts
"In absence of clearly defined goals, we become strangely loyal to performing daily acts of trivia!"
Here is a FREE property analyzer I've found:
https://tvallc.infusionsoft.com/go/RehabLite/sroberts/
It's a great tool to use to help analyze your deals (and did I mention it's FREE)! But, you really should spend the $97 and get the full premium edition! IT'S AWESOME!!
Do a Lease Purchase Option,no out of pocket money!!!