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June 19, 2021, 05:16:42 pm
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June 19, 2021, 05:16:42 pm
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Author Topic: Need your help  (Read 2029 times)

Offline beautifulmind

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Need your help
« on: October 03, 2010, 12:33:18 am »
To clarify my incomplete previous post on my first deal.  Mortgage is 105k,   buying for 80k,  property value is 80k.  how can I determine my ARV? ther is a 25k mortgage to carry over, my buyers dont like to buy properties that mortages are higher than the value, I have 14 days to make it reality, already under contract, can I ask the seller to carry on the morgtage? if not, what would be my exti strategy? Thank you all for your help.

Offline PattGMC

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Re: Need your help
« Reply #1 on: October 03, 2010, 08:16:30 pm »
Ummm...  Im new and learning.... but....
Did you have a clause in the contract for exiting?
Use your out- clause and dont put properties like this on contract again?

Offline beautifulmind

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Re: Need your help
« Reply #2 on: October 04, 2010, 11:35:42 pm »
Thanks PattGMG!
I have a 14 days subject to inspection. In the future
should I just walk away from motivated sellers whos mortgages are higher than the property value?  I pretty new myself, this is my first deal and thank you for your advise.

Offline homesalenow

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Re: Need your help
« Reply #3 on: October 05, 2010, 03:29:05 am »
Please see my reply on the other post you have. Maybe you can somehow go back to the table, and do a "Subject-To" on the property? Or, scratch the contract, try to get the bank or mortgage lender on the loan to do a short sale, and have the end buyer make the purchase. Then on the side, make a separate fee agreement for him/her to pay you for the assigning of the property.

I would agree - never get yourself into these types of deals again.  :biggrin

 




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