First deal poss

[Dannyga 0]

Hi all

Need help have 1st deal poss.

I was thinking of just assigning it to the T/B for $4,500.

How would any one else do this one?

 

Also everyone should go to www.uslandco.com for leads. Thats how I got this one. Thanks in advance. Danny

 

Their Asking Price Is : 179,900

The Total Mortgage Balance Is : 179,900

The Total Monthly Payment Is : 1247.00

Are The Payments Current : Yes

Description Of Payments In Arrears :

The Balance Of The First Mortgage Is : 179,900

The Lender On The First Mortgage Is : Washington Mutual

The Interest Rate On The First Mortgage Is : 6.0

The Payment On The First Mortgage Is : 1247.00

Is The Mortgage Assumable : Yes With Qualifying

The Balance Of The Second Mortgage Is : n/a

The Lender On The Second Mortgage Is :

The Interest Rate On The Second Mortgage Is :

The Payment On The Second Mortgage Is :

Is The Second Mortgage Assumable : Not Sure

Are There Any Other Mortgages Or Liens :

Will They Sell The Home For The Balance Of Mortgage : Yes

The Least They Would Accept For Their Equity Is : n/a

Would They Consider Owner Financing : Maybe

What Is The Lowest Down Payment They Would Consider : n/a

Would They Consider A Lease-Option : Yes

They need to move 15-30 days, job transfeer.

[JerseyJeff 0]

Well, before we can go any further, you need to do your comps, and see what they say. Is 179,900 and 1247.00 FMV for your area?

 

Also, they might have checked yes on the form indicating they would do an LP just to generate interest and get calls. You should probably confirm they are truly interested in doing an LP before you spend too much time on this one.

 

Again, the comps will enable the forum to give you better advice on this.

 

JerseyJeff

[MichaelC 160]

Danny, for starters, Jeff is correct in that you must be well aware of the rental market values, and sales price values.

What jumped out at me is that the asking price and the amount owed are identical......and it's all on a first mortgage? Very strange, indeed. I say this because they only have a first mortgage with WaMu. I know WaMu and they do not offer 100% mortgages. Something isn't right here.

I do not know anything about the uslandco.com you received this lead from. Not to douse your enthusiasm with ice water, but I suggest you quickly do your homework about them and about this property. If it truly is a good deal it won't last. If it is bogus, good to find out today rather than weeks down the road after spending time and money.