I have a motivated seller that owns a house free and clear, however the house was used as collateral on a business loan that they defaulted on. They need 80k to satisfy that balance and keep their home. the est val is 130, they are willing to sale home and then rent it until they are in a position to buy it back. I am self employeed for less than one year and cant get funds to purchase myself, any advice as to how you experianced investors would put this togeather in my situation would be greatly appreciated.
Sounds like they want their cake and eat it too. When is the home going to foreclosed on by the note holder ? What they are really saying is they want a loan for 80 k to cover their obligations.
As they get closer to foreclosure their motivation will rise.I try to solve the sellers needs and make a living at it also. Their situation on the 80k note and you as an investor may not allow them to rent back unless it is prt of your exit or buy to hold strategy.
What is your motivation for these people/transaction and your profit?
Darin
If you have a buyers list ready call some of the buyers and let them know about the deal and have them pay you a fee for taking it.
There options might be to buy the home from them and then do a well written lease option back to the owners for 110k for taking on the risk, or whatever amount the potential buyer agrees on. It is possible to make this a win win for everyone. There are alot of other options but I cant go on typing forever