I am going thru a forecloser due to medical circumstances, my lender has been trying to work with me, the only option I see at this point is selling on land contract using the down pmt to catch up the mortage, I have no idea how to pursue this thought. Can anyone help me? selling on land contract I was hoping would help rebuild my credit and easier to make a quick sale then the cost of realator and waiting for traditional sales market. Any ideas?
Posted in Land For Sale
Tagged anyone, contract, down, forecloser, Land, land contract, Lender, medical circumstances, mortage, option, point, Property, thru
I am looking to sell my house and offer owner financing to open up for more potential buyers and an increased sales price. I need to know what paperwork I need to do to complete the transaction. Do I need to notify my current lender? Should I consult an “expert” or is this something I can do myself? I rather not pay someone if it is just a matter of doing the leg work…
Any help would be appreciated since I have searched all over the internet and have been unable to find the answers I need.
Posted in Homes For Sale
Tagged Expert, financing, house, increased sales, leg work, Lender, offer, owner, Owner Financing, paperwork, price, someone, transaction
I bought a condo about 6 months ago in a complex that has since hit a sales boom. The lender appraised the unit at $92,000 at the time of purchase and I paid $89500 in a 80/20 double mortgage (100% financing). The day I bought it, Zillow listed it at 90k.
As of today, the home lists on Zillow for $128,000 and an identical 2 bedroom unit in the same building (in identical condition) just sold for $125,000 (according to courthouse records).
Would there be any benifits to having the home re-appraised in order to show this jump in equity?
I know a builder who was in default on his construction loan on a small neighborhood project, (45 homes). The lender has give him every opportunity but he keeps screwing up the sales office and team. Now, under the gun, he got some old friends to put 3 of them under contract for 90 day escrows, hoping that by the time the 90 days are up, he will have 3 legitimate escrows and his friends can cancel their contracts, thereby fulfilling his requirement to get 3 in to escrow immediately. Is this not an attempt to defraud the bank? What are the changes that the bank knows these are bogus contracts and they want to keep their fat out of the fire with their investors? What is the ethical thing to do? There is nothing in it for me either way. I do, though, find him arrogent.
Posted in Homes For Sale
Tagged bank, builder, Construction, construction bank, construction loan, contracts, default, escrow, investors, legal consequences, Lender, loan, neighborhood, neighborhood project, old friends, Order, project
Does anyone know of a lender that does loans for single wide mobile homes that are on rented lots (land not included in sale)?
Posted in Land For Sale
Tagged anyone, Home, Land, Lender, loan, loans, Mobile Home, mobile homes, sale