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I’m on the finishing ends of getting a new property under contract. I’m thinking about doing a seller finance with a lease option on the back end or doing a HBS seller financing (taking the down payment and running). Details are below and i was wondering about any other ideas?
Loan balance: $160k (willing to give it away for what he owes but would like a little money in pocket)
Worth: $170k
Payments: $1000 PITI (fixed interest at $2.9%)
Rent: $1200-1300
Behind on payments: around $5k with attorney fees
It is located in a desirable neighborhood.
No repairs needed. The paint and cabinets are a little outdated but work.
If you need more info, let me know.This looks like an ideal cancidate for a highest bidder sale for the highest down payment with seller financing.
You could conduct the highest bidder sale with the agreement that you get all of the down payment over $5000.
You should be able to get $17,000 total… maybe more. So that would put $12,000 in your pocket. Or you could give $2000 to the owner
then put $10,000 in your pocket. or split the downpayment with the owner.Or you could stay in the deal and get cash flow too. That is what I’d do so I can protect the buyer and the seller. You don’t want a buyer who makes payment to the seller then the seller pockets the money without making the mortgage payments ( which he has already proven he wil do). Better if you stay in the deal for $250 – $350 a month cash flow.
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