Richard Caputo

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JJD

I just closed on my first deal (wholesale)and I am onto a second (so excited!)I am still a novice and do not want to screw up so if anybody can help me I would greatly appreciate it.

Here's a scenario that I have brewing. I have a motivated seller in Long Island, NY that wants to sell his house for $300K. It's a 5 BD 3 BTH splanch in mint condition. Recent comps (last 3 months) range from $390K to $577K. He indicated he had an "appraisal" performed 1.5 months ago and it appraised at $425K (I have not seen it yet). I would look to sell to retail end buyer for about or cash buyer (the property could be improved in some ways).

He wants to close fast (within 30 days) BUT does not want to move out until June when the school year is over for his children. He mentioned closing right away and then "renting" for just a few months until June. I am not comfortable with that scenario.

I would like to get some brainstorming ideas to make this work for all:

-Close and transfer deed for a minimal amount of money (500?); owner to hold balloon mortgage note for $299,000 due 6/30, assuming he has moved out. I will market for an end buyer in the meantime that is ready to close at the end of June. I would put penalties in the contract where the note decreases substantially if he doesn't vacate and turn over the house by 6/30 and as time goes on the price owed goes down. I can get short-term transactional funding if need be if there's a gap in the buyer coming in, but with all the marketing time I'm not anticipating an issue. I would also put a Quit Claim Deed back to seller to protect him in case I didn't close so he doesn't need to foreclose.

Does any of this sound feasible? Am I on the right track? Has anyone done a deal similar? I Any other ideas would be appreciated

I have a property that I have been researching and is in a very desirable neighborhood, but I am at a standstill.
The place is all boarded up due to local building code violation (house is vacant and kids were getting in to vandalize etc).
I went to town hall and was able to find that it is owned by a LLC, the billing address for the taxes is the same address for as the residence (Which is vacant and boarded up for months now) and the taxes are paid in full (as of December 2010)
I can’t seem to find out if there is a bank with a mortgage on the property or any other address for the LLC.
Can any body help me with either advice as to where else I should research and with a letter that I could try to send to the LLC expressing my interest to buy the property.
All responses are appreciated.
Thanks

I was refered back to Prop Trend for research advice on the properties I am researching, however, I keep finding that there are just links to other sites that want me to pay more money for them to give me the information that Prop Trend is/was supposed to supply. Is there a secret login that I can get Mortgage and propety owner info etc. without subscribing elsewhere ????????