[5-DayForum] 5-day sale in Charlotte

[Doug Meade]

Do a lease with a separate (2 year long fuse) Purchase and sale agreement
with sales price at 110% of current market value.  (Include radon gas and
lead based paint disclosures in lease.  On the p & s, state that it is
automatically void in case of non performance of lease dated ../../....
i.e.: eviction or 1 month late.  Do NOT mention the p and s on the lease.
You have the ONLY purchase and sale with no copy to buyer.  They get a copy
when they perform.  The down payment is not the deposit on the lease.  Use
part of it on the lease ($100) as a very small deposit.  On the p and s show
the deposit as NONREFUNDABLE FOR ANY REASON EXCEPT SELLER DEFAULT.  Get at
least $10,000 down.
 
You put yourself in a win win situation.  A sale or a free $10,000.
 
Try to set rent at positive cash flow of $200+/month after PITI
 
No foreclosure necessary... but check with your local fear mongering
attorney.  :)
 
rinse, repeat.

   _____  

From:
5-dayforum-bounces+dougmeade=comcast.net at mailman.howtosellyourhomein5days.co
m
[mailto:5-dayforum-bounces+dougmeade=comcast.net at mailman.howtosellyourhomein
5days.com] On Behalf Of FKSYBARITE at cs.com
Sent: Wednesday, November 14, 2007 6:55 PM
To: 5-dayforum at mailman.howtosellyourhomein5days.com
Subject: Re: [5-DayForum] 5-day sale in Charlotte


Galina,
I know what you mean about the people that are already giving your property
a hard time.  Especially when you've put your blood sweat and tears into it,
and they start nit picking on some minor thing.  Well, just keep trying to
sell it.  Maybe Craigslist? Are you in any kind of position to offer any
creative financing?  Sometimes that will bring a higher price, if you can
carry them for a year or two while they get credit glitches taken care of.
Of course be super careful there also, you don't need your wonderful house
trashed if they can't complete the sale later.  I'd get at least 15K down if
you are in that kind of position.  You can do what's called a "wrap" on your
mortgage -- you carry a loan, which "wraps" your underlying loan.  Then, you
are at least paying off your loan and making interest on your money as
though it were in the bank.  Check with some title companies and see who
does them, some do and some don't. You have a balloon payment in 2 years and
then it pays off your underlying loan then.  Lease options are a way to go,
but you should still get the high down payment, because they essentially
give the buyer ownership rights -- and the need to foreclose instead of
evict them.  That takes months instead of weeks, so be careful.  
Hope all goes well eventually.
Frank
In a message dated 11/14/2007 2:53:58 PM Pacific Standard Time,
galkag at yahoo.com writes: 


Frank,

I had 2 buyers who bid upper 180,000, the rest stopped below 160,000. 

The highest bidder admitted that she does understand that my house worth
more than she can afford.

The second highest bidder in contrary tried to underestimate the value of my
home. He asked if I have plumbing problems, electrical problems, flood
problems and so on. I showed him inspection report. He was the person who
asked me if it¢s vinyl flooring pointing to the ceramic tile . I don¢t
consider him a real buyer. Honestly I don¢t like him personally and don¢t
feel comfortable to sell him home even for $210,000.

Galina







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