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Foreclosure Forum |
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Seller GiftsI'm facing a sluggish buyer's market. The investors at the courthouse grumble that houses are hard to move; so bids are topping out around the 65 cent range. Since there are "move in, zero down!" signs all over town, I figure I'll be encountering a lot of poorly qualifying buyers when I have something to sell. So... suppose, hypothetically, I had a property like this: Would it be possible to leave, say... a 3K zero-interest first deed of trust on the property, as down payment assistance for the buyer? My logic is, get 80% of my profit quickly, rather than keep waiting for a buyer to show up with a better down payment. The 3K will just sit there until someday the house sells-- but it's still secure profit. (Although it would decline in purchasing value over time, due to inflation.) Since the house sold under it's appraised value, I don't see any problem with the appraiser removing the gift from the valuation. Main problem would be the buyer's lender... Are there lenders that would write a 2nd, under a small non-performing first? Or is there a better way to structure a seller gift? (I'm not interested in lease/option and rent-to-own situations. I wanna buy and sell.)
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