Posted by Michael Morrongiello on December 25, 2001 at 23:55:06:
In Reply to: Need advice on a bad investment! posted by Randy on December 25, 2001 at 16:07:23:
Randy:
You need to unload this money loser quickly. You mentioned that the sellers who you apparently still owe $25K +/- to are willing to "move or walk" their mortgage lien over to some other collateral you owned.
Chances are they will be agreeable to something like this for the hope that they will eventually get paid on the money you still owe them....Now, with their lien off the property, you need to blow out of this property quickly. There are many ways you can do this;
1) Allow someone else to formally assume your debt and give your relief from your debt.
2) Allow someone to take the property "subject to" your debt
3) Sell to someone using a lease option selling type program
4) Offer to sell and to also FINANCE the sale to a buyer by taking back a "wrap" around type contract for deed, instrument, etc. - You can elect to hold on to the instrument or even sell it at a discount for cash so that you can retire the other mortgage debt owed.
In my opinion the quickest way to dispose of just about ANY property is to make it easy for buyers to become interested. Offering owner financing accomplishes that.
Best of success,
Michael Morrongiello
- Re: Some quick thoughts Randy Johnson 19:50:34 12/26/2001 (0)