foreclosure
- Thread starter ELVIS
- Start date
or.... he might end up the cell-mate for Plexico Burress
nah, 1st offense is a slap on the wrist
then he shuts down and looks for renters :SIB
guys, there is a walmart 10 min away. the poker idea i have already thought of....
gmroz, i have turned away no one and i have offered at a personal loss twice just to get it occupancy. not a bad area, but stuff is so cheap right now.....
that poker thing may work....
maybe i can get players to give up their winnings to a couple of whores that i know.....:scared
gmroz, i have turned away no one and i have offered at a personal loss twice just to get it occupancy. not a bad area, but stuff is so cheap right now.....
that poker thing may work....
maybe i can get players to give up their winnings to a couple of whores that i know.....:scared
Do an owner financed deal for someone. Charge them 10k down or whatever you think is fair for someone in that situation(this is good because it gives you room to breath if they walk on you) and then charge them an interest rate that is higher than what you have. Make the deal for 3 to 5 years and at the end of that period they have to obtain their own financing.
If they stop paying then you have their 10k that they give up or if they want out then they have to sell it for what they owe you on it. I have a friend that does with homes all of the time. I think his time financed is 2 years though.
If they stop paying then you have their 10k that they give up or if they want out then they have to sell it for what they owe you on it. I have a friend that does with homes all of the time. I think his time financed is 2 years though.
If you plan on going this route... make sure you have an air tight promissory note.
It sounds like a good idea, but the only problem would be finding someone to buy it!
Good luck and I hope it all works out for you in the end!
i don't think you can do 'owner finance' on something you don't own. i could be wrong though.
Timely thread for me as we are moving into our new house this weekend and I haven't sold this one yet.
Planned for the two mortgages to not be a budget buster if we didn't sell this one before we have to start making two mortgage payments, but I really don't want to have to carry two mortgages for too long, either.
I am currently trying to sell it via a FSBO site and have shown it a dozen times with no follow ups. Think I have it priced right for the neighborhood, size of house and the local market.
Its just a crappy time to try and sell a house. We are going to get up to 6 inches of snow today and X-mas is 22 days from now.
Do you want to go house shopping right now? Didn't think so. I'll continue to market it myself for 6 months or so and if I haven't sold it by July, I'll drop the price and hire a real estate agent.
Who would I talk to about the idea of letting someone put down 10K or so and then selling them the house in a couple of years when they could secure financing on their own?
Planned for the two mortgages to not be a budget buster if we didn't sell this one before we have to start making two mortgage payments, but I really don't want to have to carry two mortgages for too long, either.
I am currently trying to sell it via a FSBO site and have shown it a dozen times with no follow ups. Think I have it priced right for the neighborhood, size of house and the local market.
Its just a crappy time to try and sell a house. We are going to get up to 6 inches of snow today and X-mas is 22 days from now.
Do you want to go house shopping right now? Didn't think so. I'll continue to market it myself for 6 months or so and if I haven't sold it by July, I'll drop the price and hire a real estate agent.
Who would I talk to about the idea of letting someone put down 10K or so and then selling them the house in a couple of years when they could secure financing on their own?
a real estate lawyer. they'll handle the whole thing for you and make sure you have yer ass covered.
Redsfann, look around the net. There are contracts you can use for this. Jack is right though, you can't sell something you don't own but there are ways around this. You basically do it just like a lease to own but a little different wording.
Thanks, guys. I might look into this if I don't sell this place in a few months. I already have a real estate lawyer lined up to do the abstract work, etc,etc, on this place if I am able to sell it myself--I can call him and see what my options are....
If he bails on the property, the bank, after it gets done shaking him down and wrecking his credit and future options, will most likely end up attempting to auction off the bad paper anyway. He could tell the bank he's looking into this route. Maybe they'll go for the idea and his credit won't take a hit. He can always get into another property with whatever funds he ends up with for the illegal activities suggested in this thread.
I have a Lease-Purchase (rent-to-own) contract if you want it. Just keep in mind that if they can't get financing now, they probably won't be able to in 3 years.
