Thread: 2 wholesale properties, plenty of equity

My offer for the first one:

Quit claim with $0 down subject to the existing mortgage
I'll take it AS IS with right to inspect.
Contingent upon mortgage is the only delinquency.
Can close in 5 days or less.

Let me know.

For 2320 Scott Ave, if you want to take over the mortgage, it would require about $17k to bring it up to date (foreclosure sale is 8/22) and our assignment fee. No other liens as far as I can tell. Full title search is recommended.

If you're ready to start, PM me

How much is your assignment fee and FMV?

Recent appraisal was $189k.

Our fee is $8k

I also just found out that the lender, due to the default, has accelerated the mortgage. So taking it over is not possible. The lender won't short it either. They just want either all their money now, or to take back the property.

--Javier

Unless the 'owner' pay back all due payments.
But $25K is way too high, I have to decline...

It's been called due, so Sub2 is out of the question anyway...

Remember this is an assignment of contract.....

If the sellers could pay back that money, they would. They really like the house and the location, but their current situation does not allow them to stay there. They'd rather not go through foreclosure, but they've finally come to the realization that it's a reality. This is their last hope to avoid it...

If anyone wants a great equity deal, it's still up for grabs!!! Help a family out...

First one w/cash, equity line, or hard money takes it!!

--Javier

Oh yes, no question.
That's why I wrote 'owner' and not owner.
These days, with so many foreclosure, I'm buying 2-3 pre-foreclosure/month.
I have built a way to cicumvent the due on sale clause, and it works every time.

Now, I'd like to know what will happen to your assignment fee once the bank forecloses the property...

The market is ripe for Sub2 right now. We're doing it as well, but we can't do it on every deal.

We try to avoid the due on sale as well. But the way things are right now, as long as the payments are getting made, the bank doesn't care who has title or or is making the payments. I don't waste too much time on it.

I'm not sure how you're doing it (nor am I asking you to reveal it) but most people do it w/a Land Trust. However, if you read the mortgage, even transferring the beneficial interest in the trust can trigger the D.O.S. The bank still has the legal right to call the loan due, it's just that it's harder for them to figure out that it's happened. *Any* transfer of ownership, no matter how it's done, allows the bank to call it due.

I know someone who does the opposite... let's the bank know what's going on just so there is no "behind the scenes" type stuff going on. They have never had a bank call a loan due... They just Quit-Claim it, send a letter to the bank, and make the payments.... To each their own.

But that's just my $0.02.