I am extemely new to creative REI and could use an experienced investors help.
I have a seller with a mobile home valued at appx $23K. They owe 24K. The title is in both the ex-husband and wifes name…so is the mortgage. The divorce says she has to sell it and get the financing cleared out of his name. She isn’t able to refinance into her name due to a bankruptcy.
She is willing to sell for $20K but I can’t do the deal sub2 or lease option as far as I can tell.
I have another buyer who has prequalified for a $10K loan to purchase the property. She is willing to pay more than the $20K price if there is a way I can help them.
Lot rent $105 per month.
Any ideas on how to structure this deal?
Is purchasing/financing it on my end smart and then lease option it out to the other buyer? Maybe a 10K option fee? Or will the lender not let that happen?
This isn’t a home run type deal but if there is a beneficial way to structure it I could use the help?