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.
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?
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.
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