Hello,
I have an owner in pre-forclosure…willing to just walk away to save his credit. I have a letter of authorization sent to the lender. Payoff was ordered yesterday…avail Monday.
This guy is throwing his house at me with 20K-30K equity in it. Need help with the Sub2!
I am starting to get frantic…guy says some other people might come see him about the house on Sat. HELP :-0
Howdy gamecock10:
Are you from SC?
Get a deed from the guy, even if you have to promise him a few bucks after the title report, inspections, payoff letter etc
Hi,
Yes, I’m from SC but live here in Gainesville GA, 50mi north of Atlanta. Being a new investor I’m finding it difficult to get off the ground! I have done a lot of homework on some “deals”, but nothing has panned out yet. At first I wanted to just buy something low with some equity, and then resell ASAP. But now I’m thinking about quitclaim deeds or buying and doing a rehab. I think my brain is going into overload! I feel like I’m so desperate to get into a deal that I’m almost willing to jump on anything with some equity. I’m really looking for some guidance!
What do you think about buying low and then selling asap at a public auction?
Chad
Chad,
i know how you feel. This is all new to me too. i just finish reading a book (in it’s entirety) about Purchase option which sounds whole lot like Sub2 deals.
In fact, i have a friend who built a 2 fam home 3 years ago, got a dead beat tenant, threw them out, is currently paying for the motgage out of her pocket, and has gone to a realtor to sell the property for her! i told her i’m interested in the property but i think she’s skeptical (and not clear) about my intentions. To be honest, i myself don’t really know what my intentions are? All i know is that she’s a motivated seller, and there is an opportunity for me to help her.
She bought the land 3-5 years ago, built a 2-fam unit for $330k and is now selling for $410k.
If she gets rid of the realtor i can probably step in and get the property and create a Sub2 deal. Problem is i don’t know how to pursue the Sub2 deal. Where can i get the forms? Do i need to go thru an attorney? The property is in NJ? Do i need a title company (and just include the deal on addendum)?
What do you think?
2005AD