RON LEGRAND PRETTY HOUSE CASH FLOW SYSTEM 2010
Archive : RON LEGRAND PRETTY HOUSE CASH FLOW SYSTEM 2010
Pretty House Cash Flow System 2010 [(mp3) + (doc) + (PDF)] Ron Legrand
For Sale By Owner (FSBO)
Here’s an example to help you understand this potential. Assume a seller contacts you about a $200,000 property in great condition with a loan debt of $182,000 and a payment of $1,350. He recently lost his job and is now two payments overdue. The seller is unconcerned about his equity since he simply does not have any. He’s more anxious about his credit and debt relief being ruined by a prospective foreclosure.
If he lists the property with a real estate agent and pays a fee, he will be forced to continue paying payments that he cannot afford while the house is on the market. He’ll be lucky to break even if and when it sells.
In this circumstance, most vendors are just seeking for a solution, any one. If you can give one, you’ll be a hero and profit from a transaction that most people would never realize.
Solution: Get the seller out of his payments and out of the house by simply allowing him to transfer title to you for free or for $500 in “moving money.” You will assume his loan with no obligation to him. The loan remains in his name, but ownership changes to you, and the loan will be closed by your attorney to ensure all necessary documentation is completed.
To ensure that the seller realizes that I made no guarantee to take his debt, I always have him sign a CYA (cover your assets) letter. Everything is adequately stated in writing.
Remember that this seller’s house is soon to be foreclosed on by the bank, so he has nothing to lose by selling it to you and keeping the loan in his name. Either you solve the problem or he loses the house.
Remember that the house has a $182,000 debt, which most people would consider a concern that would block the sale. This is just not true, and people who think it are wasting their money by listening to so-called experts.
There is nothing that prevents a homeowner from deeding you their home at any moment. The loan is just a lien on the property. The title does not have to be assumed or paid off in order to be transferred. Of course, the $182,000 debt remains tied to the property, but you now own it. You aren’t accountable for the debt unless you take it, which would be silly and ruin a perfectly easy, risk-free transaction.
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