Question about highest bidder sale down payment?

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  • I currently have a home where the owner is desperate. he is willing to do a seller financing deal. so i am going to do a highest bidder sale for this. how do i setup the contract with him. does it have all the details of the terms and that i get half of the downpayment? once i find someone, do i sign a new contract with them or what do i do? once we get this done, there is an underlying mortgage on the property. would it be easier to do a lease with the option to buy or actually do a wrap on the property? please advise
    thanks

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