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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.

I live in Dearborn, we are losing around 30,000 jobs. Ohio is getting toyota plants so cleveland is upo and coming market. I also beleive that if the home is purchased at the right price and sold at right price then there is a deal whether the market is poor or not. Just have to find the right Price:) Study your market know every house for sale in your neighborhood and you will be a step ahaed.

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:

I have read about flipping homes ect, I understand this but when i go to message boards i see tons of people getting stuck or just doing it all wrong. Lets say I have a motivated buyer in Michigan( where I live) I go and either get a PA with contingencies or an option contract then I go a quickly find a buyer now I have found a good title company but what about the double closing or assigment does this require the buyer to get a particular mortgage, I know it can be assigned to the buyer for usually small cash amount or whatever possible amount is agreed on but i was reading do some assign to the seller and create a lein that they have too pay back before closing and in essence our pay. My main concern is the double closing and the seasoning as well as not having to have my buyer use a certain company ect. As i said i understand just unclear about some details. I have read books talked with investors and read articles i am just not clear on some details. Charles if you post to this I am talking about a situation where i am not auctioning, by the way do you auction off everything, i always think about it when their is a high end property but what if there is a motivasted seller home worth 150 wants 115 just do a absolut low bid or start at 120,000 and go up from there, how do you explain to these people. Also wjhat if seller is semi motivated wants out not a whole lot of spread would you do auction then, please advise. Thank you.

I am not a seasoned investor but with these high priced homes its a whole new ball game. My first two options would be after you do your research are one contact the gentlemen just below you on this message board. Charles does auctions and if you can buy some time and get them to pay feb mortgage then you will be able to auction the property off. Get the property under contract with option or Charles contract and you will have the opportunity to sell fast. Second would be to contact the most successful high end realtor in the city. Tell him you need to sell ask the avg dom and if you can sell in 30-60 days. Problem here is if it doesnt and you cant purchase the property then you have only delayed the sellers goals and thats not right. I hope we get more input from the pros i hope this helped. Also what formas of advertising are you using to get some of the sellers calling you. Please be detailed if you could, Thanks.