Get Running B-4 It's too late...

Posted by Edward Nolan on December 05, 2002 at 02:30:26:

In Reply to: Melon head posted by Dan on December 04, 2002 at 06:52:39:

What I would do is call any aprsl company and ask for a rough aprsl over the phone. It's usually free! This will tell you a couple things. If the home is selling for say 50K and they say rough aprsl is 67K and you look at the home and sort of agree with the rough aprsl amount chances are you may get that amount or even higher when the time comes to buy! Now, the difference between the 67K and 50K is 17K. At signing you can hopefully walk away with a check for say 8-10K. Here's how it works...If they sell at 50K and aprsl is 67K most banks lend 80% on the loan to value. In this case 80% of 67K is 53,600, you have to raise at least 3,600 as a down, plus to aprsl fee around 250.00. The amount financed would be 50K plus broker fees of around 3-5k. So, right now you finance in this example, 53K for a home valued at 67k, and have 14k in equity. At this time you can accept a check for up to 14K and add the amount taken to the amount financed like, 14k+53K=67K loan with 14k in pocket, plus rental income. Or, you can turn right back around and put the home up for sale for more than the aprsl amount and maybe make even more than the 14K.

Go to the owner, act like you want to help out. Act like you're a bank. Get all the info about their account. Ask if they have any other liens. Call the liens department in your county find out for yourself! Maybe you can have them Quit Claim the deed and all you would have to do is catch up the past due. But call the bank first and see if they would refy the balance after you catch up the rears. Ask the bank if Quit Claim is the way to go if owner will do it. The bank will love you if you go to them after the owner gives you the bank phone number and account number and tell them you want the home. They'll work with you!

Let me know how it all works out EdNolanEdwardR@aol.com

Follow Ups:






Comments:: What I would do is call any aprsl company and ask for a rough aprsl over the phone. It's usually free! This will tell you a couple things. If the home is selling for say 50K and they say rough aprsl is 67K and you look at the home and sort of agree with the rough aprsl amount chances are you may get that amount or even higher when the time comes to buy! : Now, the difference between the 67K and 50K is 17K. At signing you can hopefully walk away with a check for say 8-10K. : Here's how it works...: If they sell at 50K and aprsl is 67K most banks lend 80% on the loan to value. In this case 80% of 67K is 53,600, you have to raise at least 3,600 as a down, plus to aprsl fee around 250.00. The amount financed would be 50K plus broker fees of around 3-5k. So, right now you finance in this example, 53K for a home valued at 67k, and have 14k in equity. At this time you can accept a check for up to 14K and add the amount taken to the amount financed like, 14k+53K=67K loan with 14k in pocket, plus rental income. Or, you can turn right back around and put the home up for sale for more than the aprsl amount and maybe make even more than the 14K.: Go to the owner, act like you want to help out. Act like you're a bank. Get all the info about their account. Ask if they have any other liens. Call the liens department in your county find out for yourself! Maybe you can have them Quit Claim the deed and all you would have to do is catch up the past due. But call the bank first and see if they would refy the balance after you catch up the rears. Ask the bank if Quit Claim is the way to go if owner will do it. The bank will love you if you go to them after the owner gives you the bank phone number and account number and tell them you want the home. They'll work with you!: Let me know how it all works out : Ed: NolanEdwardR@aol.com

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