Hi Guys,
So I need help structuring this creative deal. The buyer really may be in a better position to do a short sale, but needs funds.
Here are the details:
Rehab needs to be completed.
2 BR 1.5 Baths Mortgage 1st $50k 2nd $60k
Under Contract for $80,000, but he'll go lower now ARV $84,000 (Based on a renovated property that just sold earlier this year)
Investors want to pay about $40-50k
Possible solutions: Sandwich Lease option. But I'm not certain how it would work in this case or if that's the best strategy.
Assume the $50k first & then pay him $10,000 cash in installments.
What I'm not clear on is what should I do to be certain that the 2nd is not still attached to the house if the seller stops paying on it.
I really need help with a solution for this one.
Thanks!
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Hi Guys,
So I need help structuring this creative deal. The buyer really may be in a better position to do a short sale, but needs funds.
Here are the details:
Rehab needs to be completed.
2 BR 1.5 Baths
Mortgage
1st $50k
2nd $60k
Under Contract for $80,000, but he'll go lower now
ARV $84,000 (Based on a renovated property that just sold earlier this year)
Investors want to pay about $40-50k
Possible solutions:
Sandwich Lease option. But I'm not certain how it would work in this case or if that's the best strategy.
Assume the $50k first & then pay him $10,000 cash in installments.
What I'm not clear on is what should I do to be certain that the 2nd is not still attached to the house if the seller stops paying on it.
I really need help with a solution for this one.
Thanks!