Nickolas Bubolz
Active 1 year, 3 months agoForum Replies Created
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I asked him all those questions. He said that you could just go back later and by it. Then i told him i’m getting into way too deep with attorney fees and time. I want the processed stopped before it even gets sold. I’m looking for a new one but he was recommended to me by a bunch of other investors (all fix and flip investors)
I was talking to an Attorney the other day about securing a long term option with a mortgage. He said that it wouldn’t work and to do a memorandum instead because he didn’t know about the foreclosure process and title company asking for a payoff amount in the future when they want to sell. If so, the Sellers have the right to remove the mortgage because the mortgage securing the option doesn’t meet the state definition of a mortgage. I’m going to continue to secure my options with a mortgage. Has anyone ever secured it with a mortgage and memorandum? I’m thinking that might be an over kill.
Thanks for the advice. I will not get the option and lease for extra security. It will make it too confusing for everyone. I will just expect the bank not to call the loan due in the future.
Mac, I will rent the property out right away. I might do a HBS seller finance deal sometime in the future. It is not a homestead property. What happens if it was a homestead property and i was purchasing it with a wrap? The sellers will be protected with a wrap mortgage on public record. Wisconsin is a judicial foreclosure. All my investor friends in my area only do flip deals. No one thinks outside the box besides me that i have meet so far.
I looked at the mls data for DOM. There is one for 10 days (next door), 5 days and 4 days. I will meet with him tonight and put an offer in. Hopefully he hasn’t change his mind about it. I’ll let you know. If he likes it, I’ll plan on doing it next weekend. It is short notice but I hope it all works out.
Yes there is a 30 year fixed mortgage with a balance of around $165k. They are current. None to very minimum deferred maintenance. He is only interested in cash, because if he doesn’t sell it. His knew job will be taking over his payments tell it is sold. However, he doesn’t want it in his name anymore when he leaves. The lowest he will go is $170k (80% of FMV). Comps in the area have an average days on market of 7 days! That’s why i thought a HBS with an agreed price of 80%, not the usual 70% would still work because of the days on market are so low. I could be wrong. I wanted to get an opinion if a 80% is ok to do with the days on market are that low.
I’m negotiating 80% of FMV for a property to do a HBS. I know you mentioned 70% but the average days on market for the area for sold comps is 7 days (3 sold comps within last 1.5 months). So, i figured 80% of Fair Market Value would be a good deal to do a highest bidder sale on. If you don’t think so, please let me know.
