Looking for some creative solutions on this one. I had a call from a home owner who was in foreclosure. He made up his back payments and the foreclosure was cancelled. Now he is wanting to sell because he is unable to keep up the payments.
The house is worth around $125,000. This is a pretty nice home in my area. The homeowner owes $70,000 on his first and a small second. He also owes $10,000 to his family who helped with his back payments.
When he called, he said that he would be calling on all of the mailings he had received to see who might give him the best deal. The mailings he received, I’m sure are all from investors.
Now, I would like to make him an offer that he can’t refuse and that the other investors may not come up with.
I have pondered over several ways to structure an offer, including a split profit, to taking his mortgage subject to, to a lease purchase.
I would like any feedback on this. I’m sure there are many of you out there who have done these kind of deals.
I would appreciate all input. I am calling the home owner back tomorrow with hopefully the most attractive offer.
Thank you in advance for your replies.