All Forum Posts by: Mike Flora

How much can I expect the loan balance to increase on the situation I explained above???? Few hundred....a thousand....just trying to get a ballpark figure. Thanks

EXAMPLE: seller owes 100K.....my purchase price 110K and I cover all closing and property left as is.....seller 3 months behind in payments......all cash deal....what extra cost can I expect because he is behind 3 months??????? Just the late fees added to the sellers loan balance??? When I pay the loan off I'm catching up his payments right then and there correct??

no subject to, just a straight up wholesale deal to a cash buyer. Just not sure how much someone who is a few months behind is going to cut into my profit for extra closing costs. Will it be a few hundred just on late fees for each month or should I expect more????

so basically, if my seller missed 3 months payments and his mortgage was $1000 a month I'm only going to make up three late payment fees on his $1000? Just trying to see if it's a large amount that will affect my purchase price cause I'm a wholesaler.

I tried asking yesterday about this and I think I was too confusing in how I asked.

So if my seller is behind on there mortgage payments and I'm covering all closing costs for them, I'm assuming that when I pay the loan off that brings the loan current so I can close escrow?????? And then the only extra cost to that would be the late fee's from the months my seller missed???? Basically can I just expect to pay for the late fees on just this problem with my seller being behind on there payments????

So, in my example above, if he is $2000 behind in payments then should I calculate $2000 dollars on to the balance due....in the example above.....balance due is 100k-since he is late 2 months payments it makes final balance due on loan 102K which would take away 2K profit on my 110K PP. Just trying to get an idea on extra fees on people who are behind in payments so I can calculate my profit better.

Anyone know what kind of fees would be added to closing costs if you have a seller who is behind on his mortgage payments?? 

EXAMPLE: 100K left on the loan-monthly payments $1000- 3 months behind on payments- got him under contract for 110K.

Just trying to get an idea of any extra fees etc on a situation like this/how the behind on mortgage payments work when closing etc.

Thank you everyone

I have a very small all cash buyers list and wondering if the deal will speak for itself!! EXAMPLE: I get a great deal on a fixer upper for an all cash buyer but only have a couple on my list that are not buying at the time. If I just use craigslist/backpage/bandit signs are my odds of finding an all cash buyer still very good if the deal is sound! Or do you suggest signing an agent who has an outstanding all cash buyers list????? I DONT WANT TO GIVE 2.5% OF THE SELLING PRICE TO AN AGENT THOUGH!!!! SUGGESTIONS???? I don't have access to MLS either at the time to see who has been financing all cash recently either.

Has anyone came across an all cash buyer who used an agent and if so were they willing to pay the 2.5-3.0% commission instead of dumping it on you......you being the wholesaler flipping a home you have under contract. I know you want to close the deal but you don't want to watch your profit margin decrease as well. THOUGHTS???