Very interesting deal here!!

I got thrown for a loop yesterday. Anthony called my answering service to sell his home. Said he owed 20K and it is worth 45K. He wanted 30K. After looking at the house I offered him 28K subject to him finishing the repairs (4k) that he started earlier this year. Sound good so far? Well, my realtor told me that Anthony is not the owner of record, but Tom is. I asked Anthony about this and he told me that he is under land contract to buy this house from Tom’s company. BAM! I had to look completely lost because I was.

I talked to one of my senior advisors and he told me that as long as the land contract was legitimate this deal could still be done. What happens is I sign a P&A with Anthony subject to repairs, I run a title search and all that stuff, then at closing I write a check to my title company and they disperse the 20K to Tom for payoff, and the 8K to Anthony and the deal is done!

I just wanted to post this in case anybody else ever ran into anything like this.

Happy investing and GOOD LUCK TO ALL!!