Hi, I"m a newbie, and wanted to see if I’ve got this subto basic down. Does this sound rite?
Let’s say the owner has a mortgage at $120,000, 2nd at $10,000, you as the buyer pays the owner <$1000, get the deed to the place, and try to sell it out at $130,000 with 10%down. If that’s the case I’d think it’s hard to sell the home for $130,000 especially in the colorado market rite now. Do I have the basics rite for a subto? Thanx in advance.
In the deal you describe, there’s nothing in it for you. If you are looking to sell quickly, you can more easily get a Pure Option on the property, then assign it to your buyer. Heck of a lot easier and less expensive. The option consideration would only be $1. Tough deal to beat. . .assuming you get the property at a price that allows you to resell it quickly.
:cool I agree there is no money in this deal ! AS well the way you said things you are on the edge of actting like a realtor ??
YOU want to find a buyer for just what is owed and get them to pay 10 % down ect ect ?? YOU really need to be very careful on these matters ,as you can just be about half astep in the gray of the law and get in big trouble!!!