I landed my first meeting with a really motivated seller. They put a offer on a home and it was excepted. They tried to sell their own with a Realtor. I want to get it under contract and sell it to someone in their area that does Sub 2. How would I structure it so I can do so? Do I lease it and then assign the contract? I live in the Good ol state of N.Y. :anon I visit them this Saturday.
Why did you start going after deals when you don’t know how to structure them?
Just curious…
I do and I think I don’t ( paralysis of analysis ) you might say. :help
tell me about the deal, and I’ll give a couple of ways to approach it.
Where is it located?
How much are they asking you to pay for the house?:
Why are they selling?
How soon do they need to move or sell? :
Is The House Occupied Or Vacant?:
Does the house need repairs?:
What repairs are needed?:
Est. Value of needed repair$:
Is the house listed with a realtor?:
Listed Price:
How did they determine price? (payoff, Appraisal, Recent sales, Best guess, Tax assessment, Realtor)
How much do They owe on it?
Number of Payments Behind:
Monthly payment $$:
interest Rate (. 6.5, 5.75)
Fixed or Adjustable rate (ARM):
Are the property taxes and insurance included in the monthly 1st mortgage payment?:
Is there a second mortgage or lien on the house?:
mortgage balance:
monthly payment $$:
Interest Rate:
Would they sell house for whats owed on it? :
Would you be willing to receive their equity in the form of monthly payments?:
Is there a dead line to get this place sold?
Answer these as best you can.
Hassan
House is no longer listed. Owe 55k no liens or second mortgage she had told me she will give all the info I need when her and her husband meet me. they put another offer on a home and it was eceppted. I went out of town for 4 days she had left me 3 messages wanting to get togather.
once you get the answers to the remaining questions let us know. how much was your offer?
Will do I will have it posted around 6 P.M . this Sat .