I’m new to the group lots of great informatiom!I have a friend that his home has gone to sheriff sale for 99k home fmv 165k needs 20k rehab. The problem is he will sell it to me for 5k he owes 11k on a lean from the credit uion.I tryed to work with credit union on the lean but thy won’t respond.Today my friend got a call from the note holder that he has worked out a deal with credit uion.If he quick claims it to me can i buy the note for 99k and will the work out with credit union flow to me.So the note is 99k to seller 5k taxes 1.5k interest on the note3.7k rehab 12k holding closeing cost 7.5 total 137.7k for a net of 30.3k less th credit union work out. Need help on my first shortsale
Howdy Alb:
I would not try to buy and then expect to be able to deal with the credit union. You could get the deed and hold it in escrow with the title company. It would be a lot smoother just to close everything at once.