Have EQUITY need to cash out, Help sell! Help with structure

3 Replies

Maybe you could give us a hand on this deal we have a home locked up with PA and a profit spread of 60,000-70,000 and now we need to sell in the next 30 days. We don't want to close but if we do the seller will pay mortgage for two months giving us an extra two months to market.The home is in Woodhaven MI. with comps in the area from 290,000-310,000 with same floor plan and square feet. We have under contract for $219,900 with 2.5% sell concession. This Property is currtently listed, also we have a buyers agent we are finding hard to market with it still being on mls at 219,900 we need to sell reasonable time if we close cause holding cost will be way too high how can we structure this deal to get out in the next 30 days (1)doing all out blitz and selling at discount to end buyer and structure so we can cash out without closing 2.close refinace pull some equity then continue to sell with or without best realtor in town, 3. Refinance some cash out and do lease option, little on high side to lease option at 2200 month but possible, 4. Owner Finance, have a note buyer and structurer lined up 5, Auction, we have not told seller this and with two realtors we may be better off auctioning after we close, we already have a PA and closing date less than 30 days. Need Help please!! :superman:

Avatar-
heres what I see
1. the property is still on MLS for 219,900 and ur trying to sell for 270,000. BIG PROBLEM.
2. how do you expect to refi when you don't own it?
3. Metro detroit is hard -slo market from what I read / hear thru the vine
4 how do you plan to sell it for full value when it has recently been listed for 219,900 - many lenders will not allow you, since they do not consider a contract a "real vested interest" and consider it a "flip". ??
I am not trying to knock your interest just trying to highlight concerns .
I have over 9 yrs in the industry and flipped more than 100 properties.

SWo what can we do ? To clarify the property was listed initially for 299,000 then at 275,000 for long time not sold so we figure marketied correctly with flexiblity we can get 250's which is 30,000 profit. Would we have to close on it to sell for that amount. Could we add or assign new buyer to contract and then add on hud i new second mortgage or somehow get paid from that. We are even willing to hold a second and let them refinance 6-9 monmths and pay us off. We were onbly talking about refinancing if we closed and owned home only/ Any help please.

Look, you have the house under contract (I assume you mean an option contract). Either do the "proper marketing" now and assign the contract in less than 30 days, or extend the option (you have the proper clauses, correct?), or let the option expire. There is no reason to buy that house if you're just trying to flip it.

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