Financing in 02601>Question Details

Codquwwn, Home Seller in 02601

If it's true, where can I obtain info on people who buy other people's condo losses for their benefit against their profits?

Asked by Codquwwn, 02601 Tue Dec 6, 2011

0 votes Share Flag Financing in 02601

Help the community by answering this question:

Answers

8
You can check with the registry of deeds. Or there are some websites that may post the information your looking for. Not completely clear of what you mean by losses for their benefit against their profits? Googling might help also. Our website provides what has been sold and for how much. Please feel free to visit: http://www.CapeHomesUnlimited.com
7 votes Thank Flag Link Mon Jul 16, 2012
I don't get the question.
Flag Mon Sep 17, 2012
Make sure you do your research!!
Flag Fri Aug 31, 2012
Do you feel the market is picking up?
1 vote Thank Flag Link Fri Aug 31, 2012
I feel the market in definitely picking up on Cape Cod!!
Flag Mon Sep 17, 2012
None of you got the question inthe 1st place!! It was about selling the note that at this point in time is mute as the condo sold almost a year ago.
0 votes Thank Flag Link Sat Sep 1, 2012
Once a property is bought, it is public information at the local Registry of Deeds. That info eventually gets to the Local assessors office for tax purposes. This is on every home sold to anyone. Good luck!
0 votes Thank Flag Link Fri Jan 27, 2012
That sounds like the next branch of all the Wall Street businesses. I'll look for that one in the news.
0 votes Thank Flag Link Fri Dec 16, 2011
I'm not entirely sure I understand the process you're describing.

However, investors have lots of strategies for buying properties that are "under water" or "upside down." Some are riskier for the seller than others. Among them:

Subject-to: A seller deeds an upside-down property to an investor. The investor promises to make the payments on the property and, at some point, refinance the property, thus retiring the original mortgage that had the seller's name on it. The seller receives nothing, but (if the investor keeps his word) can walk away from the house with no money out of pocket and while keeping his/her credit intact.

Subject-to with an up-front payment: Same as above, but the investor pays the seller a small amount of money (usually a few thousand dollars) when the seller deeds the property to the investor.

Subject-to with an equity share: It starts off as a regular subject-to. However, the investor agrees to pay the seller a percentage of any profits when the investor sells the home. Example (oversimplified): The house is worth $190,000. The seller owes $200,000. The investor acquires it subject-to, but agrees to pay the seller 10% of any profits. The investor sets up a lease-option with potential buyers. In three years, the tenant-buyers purchase the house for $220,000. (Values have risen over that 3-year period.) The investor profit is $30,000 (minus some expenses, but I said this would be a simplified version). The investor gives 10% of that--or $3,000--to the original seller.

Land trust. The seller puts his home in a land trust. The investor is added as a beneficiary to the trust. A would-be buyer is found (somewhat like a lease-option). That buyer is added to the trust as a resident beneficiary. The trust documents specify how any proceeds will be divided up. Basically, the original seller will get all of his mortgage paid off . . . and perhaps some profit. The investor will get some profit. The resident beneficiary--at some point in the future--buys the property at market value, but receives credit for some of his payments (similar to a lease-option). For more details on this, see http://www.landtrust.net

There are lots of other techniques, too. Usually, though, they're going to be structured so that the investor purchases the property with little or no out-of-pocket expense. The investor will make some profit at each step of the way. The seller will make any profit (if it's part of the deal) when the property is sold in a few years.

You can find real estate investors at real estate investment clubs. Go to http://www.creonline.com and look for clubs in or near Hyannis.

Two other points: Generally, condos are less desirable than single-family homes. Lots of investors generally don't want to mess with them at all. However, in and around Hyannis, it's somewhat different. (My wife grew up in Hyannis, so I know the area a bit.) You've got both the tourist trade and some brave souls who commute into Boston.

Regarding tourists, there's also a land trust technique which really is a variation on time shares. The seller creates a trust. Then people who want to use the property for some period each year are added to the trust as beneficiaries. Let's say, for instance, that you divide the year into 26 periods, each 2 weeks long. You then could have 26 resident beneficiaries, each with a designated 2-week block. If there's demand for your condo, you probably could turn your upside-down property into a quite profitable one. Again, check out http://www.landtrust.net. The term used there for the strategy I've described is called "condominiumization." (Don't worry: It works as well on existing condos as on other properties.)

Hope that helps.
0 votes Thank Flag Link Tue Dec 6, 2011
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
You might need to detail a hypothetical scenario so I can understand what you are asking for? Sounds like you want to be in the mortgage rescue business or some sort.
0 votes Thank Flag Link Tue Dec 6, 2011
First of all, it sounds like what you are describing is very PERSONAL information.
I would guess that most of the people who do that sort of thing, would not broadcast, and certainly wouldn't want noteriety.
I can't imagine who would collect that information, nor how.

Good luck and may God bless
0 votes Thank Flag Link Tue Dec 6, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer