if a seller wants half of his 40,000 dollar equity in a down payment and is willing to take back a second for 20,000 but has a mortgage and wont deed you the property because you can’t gaurantee him that you’ll make the payments and he won’t lease option because i won’t give him anywhere close to 20,000 dollars down. Is there anyway to make money in this situation. the only thing i thought of is buying with an agreement for deed because title wont transfer until you pay off the mortgage and he won’t deed me to property cause i cant gaurantee him that ill pay that mortgage. Thanks for you help.
First of all you have an obligation to your sellers. If you can’t guarantee them that you’ll be liable and make those payments then you’re in the wrong business. People will not work with you if you can’t guarantee them those payments will be made. They want rid of their headache and do not want to face the chance they could possibly be liable for the home again.
first, John NM is correct, it is a moral and ethical obligation you will be making to make that pmnt. if you cannot do that, don’t do the deal.
second, and most important, the seller has to trust you, if he does not you have to move to the next deal. nothing you will be able to do is going to help because he already has the notion that you will miss one or many pmnts. move on
I don’t believe you have found a motivated seller. It takes trust on Both sides of the table and it seems the Seller in this case is the one running the show and making the terms. Frankly, laying down $20K should be SOME reassurance that you have a lot invested…at least enough investment to stay in the game