Hi All,
I would like to find out what would happen in the following scenario:What if you find a prospective buyer using the wrap system and they default on their repayments, where does that leave you? thanks.
************************************
Some people grin and bear it. Others smile and change it.
************************************
Behold The Turtle; he makes progress only when he sticks his neckout.
*************************************Hi,
You ask:
quote:
What if you find a prospective buyer using the wrap system and they default on their repayments, where does that leave you?If they default and owe you more than the property is worth, then you’d take back possession and re-sell it.
Regards,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Steve,
thanks for your reply, is it really that easy, in the UK (I have just moved here from te UK, just in case you had wondered why I was talking about the UK), the non paying resident has much more rights than the main party, sometimes it can take months to actually evict them, hence a VERY big loss in your revenue? Does the non paying scenario tend to happen a lot?************************************
Some people grin and bear it. Others smile and change it.
************************************
Behold The Turtle; he makes progress only when he sticks his neckout.
*************************************Hi,
Welcome to the land of Oz!
You ask:
quote:
Does the non paying scenario tend to happen a lot?Well, in my opinion if it happens once then it happens too often.
As such I take the approach that it is best to carefully pre-qualify the lead before entering into an agreement.
I wouldn’t call the process of getting a defaulter out of a property easy, still, if you can work through the issue still looking to create a win-win outcome then it can happen with a minimum of fuss.
Regards,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Steve,
Once again, thanks for your info and advice, it’s always nice to run questions past people and get good advice in return.************************************
Some people grin and bear it. Others smile and change it.
************************************
Behold The Turtle; he makes progress only when he sticks his neckout.
*************************************
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