OfflineHi all,
I was wondering if it's best to lock up a property assigning contracts that has equity in it? I listened to the conference call last night and heard Jeff (I think that's his name) say that taking a fee out of the equity-a finders fee to get paid finding the property. what if you run across someone that has negative equity? Is it even worth it to try to lock up that property? I understand the idea of buying a property below FMV, but what about an owner that is in pre-foreclosure that may not have any equity at all. Would the buyer be assuming that debt? Thanks for your replies. Hope i'm understanding this
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a deal unless you have equity in a property. If you come across a property that has negative equity then you can try to create equity by renegotiating the loan with the bank (aka a short sale). Check out the posts on here in regards to short sales.
KimmyJ
YES YOU CAN NEGOITATE WITH THE LENDER OR SHOULD I SAY YOUR REALTOR HAS TO TALK TO THEM... BUT DO YOU HAVE PROOF OF FUNDS TO PURCHASE THAT SHORT SALE? BECAUSE YOU NEED CASH IF YOU DO NOT HAVE CASH THE LENDER WILL NOT TAKE YOU SERIOUSLY