Here's what it entails:
> keep the current mortgage in place for 2 years, at which time the house will be sold, and Joe's originally asking price will be met, plus 5% of whatever profit is made by Brad
> escrow account is setup and paid by Brad to ensure full integrity of his contractual agreement with Joe
and Debbie
> property is claimed over to Brad which obligates Brad to continue making the existing payments to the escrow account. The deed will stay in the attorney's presence until the deal is fully obligated by Brad in 2 years
> relieves Joe and Debbie of the monthly debt for the mortgage payment so they can move on with their life
> Brad offers to pay closing cost and 2 months of mortgage payments to the escrow account to solidify his offer and his intentions to make good on the contract
After discussing the deal with each other and realizing that their options and time are running low, both Joe and Debbie agree with Brad over the details and sign over the deed to Brad via the attorney.
Brad then quickly rents out the house to cover the mortgage payments and manages the house as a rental.
Two years later, Brad sells the house for $210,000 and pays $160,000 dollars to Joe and Debbie's mortgage company, plus sends Joe and Debbie a check for %5 of the $50,000 dollar profits, which is $2,500.
الاشتراك في:
تعليقات الرسالة (Atom)
ليست هناك تعليقات:
إرسال تعليق