Havasu House for sale... No Qualifying/No New Loan

[locogringo]

..

[SBRDaytona]

Where in town is the house located?

[jetboat]

fish is ffishy

[purrfecttremor]

:idea:

[DSIDan]

fish is ffishy
I did this w/ an Aunt, it is legal and you dont have to purchase a loan= no 20% down, weather the locogringo has it paid for or not, he can quit deed it to the person making the payments after a period of time (I guess 3 years). I think it important that he owe less then the FMV. You would have to arrangments w/ him to get any equity balance paid off at what ever term he agrees to.
Hell, you could call it a buisness (vacation rental). Incorporate never make a cent, loose thousands for 3 years (before IRS tells you to close. And seriously decrease or erase your personal income tax liabilty.

[CNeidhart]

The Buyer has MANY risk.
1. you don't get title to the property!
2. The Current Owner can go BK or a tax lein or a judgement and you LOOSE.
3. First right or refusal? Why is there not a determined price at the agreement.
4. You refuse (if it makes it that long) you loose the deposit.
Buyers, if you don't understand any of these items stay away. Way to risky.
I would bet he does not give you an address. Because then we could find out:
1. who actually owns this.
2. how much he paid.
3. current mortgages
4. pending litigation
5. actual house value.

[jetboat]

ya! ya! ya! .thats why there all forclosing!.