May 19, 2006
What to offer the sellers
A lady will give me her property that is worth $153,000.The value is $170,000, the note is 1379, piti. It was appraised four months ago.
Is a cash sale my only option?
The interest is 6.6150
No way on the cash sale. This property is not a deal just to buy. The price vs. value is not very attractive to me. Look for deals at 70% of the retail value minus the repair costs. Now if the rentals in that market for that type of house are higher then the PITI you might take the house "SUBJECT TO" the existing financing.
Posted by paulwells at 1:35 PM | Comments (0)
April 11, 2006
Buying a home after foreclosure
Hi, I need help. I am loosing my home to forclosure. No one will give me a chance to buy another home because of my credit. They don't care if i can afford it. they say no.The reason for falling behind was my husband was in a car accident at work and caused us to defaul on payment. We can afford a smaller payment but it still doses not matter. I want to invest in buying homes to sell.I was looking for a private investor to help me because the banks will not.Can you help in any way. Thanks, Marie
Generally it takes about 2 years to be able to start to be reconsidered for a new loan. The interest rate will be higher because a foreclosure stays on your credit for approx. 7 years. 1 way to buy a new home is to find someone in foreclosure or trouble and take their house subject to the existing financing. Do not confuse this for assuming a loan. "SUBJECT TO" is a great way to own a home if you know what your doing. It is fairly simple. You will need to know how to market to these types of home owners to find these types of opportunities. This is not something I can cover in 2 paragraphs.
Posted by paulwells at 3:22 PM | Comments (0)