i need help desperatly

**needhelp** · 12-07-2010, 06:43 PM

I have a guy who is being foreclosed on a 20 unit apt. complex. he is behind approx. 50,000 between payments and back taxes. he agreed to either short sale me the property or to get him current and sell it to me on land contract. i have recently looked into filing bankruptcy before all of this arose. I dont think I can get the full amount lended to me for the short sale, so my best chance is to get him current. i can probably get 15000, but need help for the rest. does anybody know of any government help or anywhere to help me with this once in a lifetime chance

**Greg** · 12-09-2010, 06:06 AM

This is not a once in a lifetime deal. Land contracts are not safe for buyers.

You give him $50,000 and he gives you a land contract. He then spends the $50,000 on a new car and loses the property to foreclosure and you have a land contract to show for it with no rights to anything.

You are being scammed, run away.

**agentsranking** · 12-10-2010, 10:23 AM

The only way he can short sale you the building is if he has lender approval and I can pretty much assure you the lender isn't going to give you a "once in a lifetime deal". The lender is going to perform their due diligence before agreeing to a short sale price and that due diligence will include a CMA as well as an appraisal. So you'll be buying the property for fair market value. It sounds to me like you're in over your head, I'd be careful.

It is possible to buy a deal like this on a CD or land contract but I would write the deal up so that you are making the payments directly to his bank, don't write him a check each month and trust that he's using the money to pay the mortgage. Also, if you come up with the $50k down payment, don't give him the money. Use a title company and make sure the money goes directly to his bank to get the mortgage out of default.

You might want to work with a local real estate agent that specializes in creative financing and investment deals. At least you'll be protected and have someone that understands how a transaction like this is supposed to get done. Don't trust any agent, the majority of real estate agents are not knowledgeable about this type of deal, use an agent that specializes in creative financing and investment deals.