InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] selling with existing financing Posted by zachary on July 31, 2003 at 8:14 AM Ward, I have another investor interested in the pre-foreclosure that I have singed up. 5 day cancel period is up Monday. I will pay it current, and then the investor wants to buy it in 15-30 days. He is will be buying it at a discount inorder to re-sale it right away. He is willing to hold the property until sold (high end house in slow market) -He is willing to pay original sellers there portion -He is willing to pay me my portion, and anything I have put into it -but he wants to take it sub2 the original defaulting loan (will be paid current by then) Do you see a problem with: 1. sellers deed to trust with me as trustee 2. they assign there beni. intrest to me. 3. I give them a note for 50% of net profit of price that it is sold to other ivestor 4. sell other ivestor with sub2 financing in place 5 he pays off note to original seller, and pays me my profit + expenses 6. he makes mothly payments umtil sold at FMV Original sellers are ok with selling at a discount, they understand the market there and realize that I can't/won't hold it until it sells (could be 1-2 years). Is there any major issue with selling with existing finacing staying in place....if its done for imediate re-sale?? thanks Zachary Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Ward, : : I have another investor interested in the pre-foreclosure that I have singed up. 5 day cancel period is up Monday. : I will pay it current, and then the investor wants to buy it in 15-30 days. : He is will be buying it at a discount inorder to re-sale it right away. He is willing to hold the property until sold (high end house in slow market) : -He is willing to pay original sellers there portion : -He is willing to pay me my portion, and anything I have put into it : -but he wants to take it sub2 the original defaulting loan (will be paid current by then) : Do you see a problem with: : 1. sellers deed to trust with me as trustee : 2. they assign there beni. intrest to me. : 3. I give them a note for 50% of net profit of price that it is sold to other ivestor : 4. sell other ivestor with sub2 financing in place : 5 he pays off note to original seller, and pays me my profit + expenses : 6. he makes mothly payments umtil sold at FMV : Original sellers are ok with selling at a discount, they understand the market there and realize that I can't/won't hold it until it sells (could be 1-2 years). : : Is there any major issue with selling with existing finacing staying in place....if its done for imediate re-sale?? : : thanks : : Zachary 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.

Copyright © 1997-2003, 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