InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Code References 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] First Deal Posted by matt swearingen on August 11, 2006 at 11:18 PM I have a deal. Here's the info. Have an appraisal already done. $400K Prelim done. 1st for $244K LTV=61% My question is that since the foreclosure sale isn't even scheduled until Nov. Would it be best to: 1. Just buy the property through a new loan at $300K and give the remainder to the seller at close of escrow.Then sell it and get my money. 2. Do a hard money loan to pull some cash out. 3. Just do a equity purchase contract and then sell the property. I'm just a bit confused as to which way to do it. I also heard that if you need a quick close to just do a hard money loan as long as the LTV is there, which in this case it is. If someone could kindly email me their suggestion to mattismyagent@sbcglobal.net that wouldbe great. Thanks Matt Follow Ups: Re: First Deal Lughead 9:54 PM, 08/12/06 (0) Eenee, meenee, minee, moe......... Ward-CA 7:53 AM, 08/12/06 (3) Re: Eenee, meenee, minee, moe......... matt swearingen 10:51 PM, 08/12/06 (0) Re: Eenee, meenee, minee, moe......... matt swearingen 10:22 AM, 08/12/06 (1) Re: Eenee, meenee, minee, moe......... watchdog 11:07 AM, 08/12/06 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I have a deal. Here's the info. : Have an appraisal already done. $400K : Prelim done. 1st for $244K : LTV=61% : My question is that since the foreclosure sale isn't even scheduled until Nov. Would it be best to: : 1. Just buy the property through a new loan at $300K and give the remainder to the seller at close of escrow.Then sell it and get my money. : 2. Do a hard money loan to pull some cash out. : 3. Just do a equity purchase contract and then sell the property. : I'm just a bit confused as to which way to do it. I also heard that if you need a quick close to just do a hard money loan as long as the LTV is there, which in this case it is. : If someone could kindly email me their suggestion to mattismyagent@sbcglobal.net that wouldbe great. : : Thanks : Matt Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2006, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455