Your ideas

I forgot to mention that as of 2005 there was a 55,000 dollar mortgage on it. By the way, here in wisconsin the cost of living is cheaper whcih explains the lower cost of housing, in case you were wondering.

Welcome to the site

1. Lets see what we can do with it. Ask the owner about doing a wrap around mortgage where the loan stays in his name, but is quit claimed over to you and you make the note to an escrow company to pay the mortgage. If you default there is another quit claim on file with the escrow office that will immediately go into effect and revert property back to him.

2. Ask about a lease option where you lease the propert for a year or two and exercise your option at the end of that time and buy it, or assign it to someone else for a profit.

3. See if property needs repairs and if so calculate how much and ask if he will take the cost of repairs as down payment. That is where to trade the actual money of a down payment fir doing the repairs to bring property back up to selling value. if he wanted 5k down then trade off the 5K down payment for 5K in work on the property and ask for like 6 months to complete said work. in the mean time only thing you will be paying is the monthly note, but property is yours. If you default and dont complete the repairs, you have breached the agreement and the owner can retake the property on quit claim for breach of contract, so make sure you hold up your end.

I hope these helped.

Hi. I'm new at this.. but I have a question ? Can life insurance policies be used as collateral on home loans.