I guess the term would be assumability of the deal.

I see it all the time where wholesalers contract something that's a REO on the market, but guess what....everyone else can see that same deal, so you win some you lose some, but know your numbers and what buyers are expecting.

I guess that's why he hasn't found one to his liking yet.To David:I saw some distressed properties on LoopNet...are these not good?

As such, price for fixerupper properties have dropped to lows not seen in a generation".I'm guessing this house is south of E Edenton, between Blount and East Streets... or in the E Jones/Edenton area (Idlewild) area.

It is probably a conflict of interest on some level somewhere.I guess it's kind of a slap in the face to the bank also.

I guess if you could take out 100% if the equity and the rent covered the loan payments comfortably that would be an option.

Neither one of us in my opinion can back up our claim what the house is really worth without any real proof that our "guessed" values is the "real" value.

quick guess here, but that's probably some sort of breach or default and he could theoretically foreclose for that...some big mortgage companies will purchase insurance at the buyer's expense..not sure how that would work on a seller finance transaction...anyone else??

I guess it's like the buy vs. build question.

My best guess would be that brokers get selected by the asset managers, then go through the process of registering with HUD, though I'm not 100% sure.