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No Equity in the Property

Posted by Roman on October 18, 2003 at 12:02 AM

Hi, Ward and everyone out there!
I wish you all well this weekend:) Get some rest from hard work.

I am still working on Saturday and because of it I have a question.
Ward, could you please comment on it.

If I am looking at the property that does not have equity now. Seller is very distressed and motivated to sell because it was a fixer-upper 6 months ago, after fixing it she let tenants in and they don't pay, NOD against her was filed in September 03. Tenants won't move out.
Question: Since there is no equity, can I avoid using EPA and use Subject To contract, also would I avoid 5 days of rescission in this case? I want to help this lady; she does not know what to do. I will try to maybe short sale her loans or reinstate default one, and then lease/option the property to NICE tenant/buyers for the future appreciation since there is no equity today. By the way before that I would have to evict her tenants that she said are very bad and not cooperative.

I will appreciate a lot any comments on this scenario.
Thank you in advance.


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