- Joined
- Feb 26, 2008
- Messages
- 18
A wrap sounds pretty similar to me as assuming a mortgage. Can someone plz outline the process for me, including the necessary paperwork/contracts?
For example, I know of two properties in foreclosure. One is a beautiful one-year-old home in a developing and prestigious neighborhood. There is no equity and it is currently listed with a realtor for full market value but not moving. The mortgage is not assumable. The seller wants out.
The second is an extreme fixer-upper (possibly condemnable) in an established, rejuvenating neighborhood with high-end "period" homes. The seller wants to stay but can`t work and has already been through every option for re-financing and turned down. Possibility of equity ~$40K.
I was wondering about a wrap for the luxury home. Not sure about the second home. Suggestions..?
thx in advance for your input...
For example, I know of two properties in foreclosure. One is a beautiful one-year-old home in a developing and prestigious neighborhood. There is no equity and it is currently listed with a realtor for full market value but not moving. The mortgage is not assumable. The seller wants out.
The second is an extreme fixer-upper (possibly condemnable) in an established, rejuvenating neighborhood with high-end "period" homes. The seller wants to stay but can`t work and has already been through every option for re-financing and turned down. Possibility of equity ~$40K.
I was wondering about a wrap for the luxury home. Not sure about the second home. Suggestions..?
thx in advance for your input...