OK, I need some fresh ideas!!
On a property I sold 10 years ago my buyer (and this is a buyer, not a L/O or subject to) has a "great job opportunity) a couple of hundred miles away and is trying to sell. I agreed that I would re-write his loan with a new buyer (balance about $85K) at the same rate.
He's had a couple of very interested buyers, but nothing definite. One was an investor who I knew wouldn't buy it as it won't cash flow. She called me to discuss and once she had the payoff and tax numbers she started to crawfish.
He says the other buyers he had seemed iffy on getting a bank loan, but were will to pay more than the investor. I told him I could bank them, but I'm going to need a "sweetener" (loan fees, etc) of a couple of thou$and.
It turns out that he has already signed an EM contract at his new place and plans on closing the end of May (school out). So I KNOW he's lost any interest in my well being, not that he ever had any.
My choices are:
1. Start foreclosure on April 15th, I've just received March's payment and he always pays 18-30 days late.
2. Wait and see what shakes out on a buyer.
3. Wait and foreclose in another month.
If I foreclose I'll have $87K into it, and it sounds like they'll definitely be out by May 30th. It might take a bit of elbow grease and time to get it shipshape but the "investor" told me it looked pretty clean, all carpet and tile looked solid. So figure another $2K for advertising, hassle, painting and "other".
Since I'd be re-selling it on my typical deal, I figure I can get $100K-$110 for it. I would advertise it as; 3/2/2, owner will finance with $4K down. On those deals my buyers never really ask the price, just the terms.
Which is how I got this guy who, 8 years into his deal has no equity.
Should I flip on coin on foreclosing now or later. Or just wait and see if he gets a buyer.
Oh, and if my life weren't simple enough, in NINE DAYS WE'RE CLOSING ON OUR RESIDENCE AND MOVING OUT OF STATE.
Remember, REI is the easy way to riches.
I'm sure there's options I haven't even thought of, much less considered.
all cash