1st Deal
I have a house that a buyer has about $3K as downpayment, but th owner has about $9K as unpaid in Escrow tax. The banks have stopped taking payment from the owner and the utility has been shut off.
I would like to get off as my first deal.
Would appreciate any help
I'm not sure what you're trying to do here. It sounds like the house is owned by distressed owners. If this is the case, is there enough equity in the deal to make it still worth while to a new buyer? Is more owed on the property than it's worth?
If there is money left for the new buyer to cover with their purchase price, then the money owed on the property will be paid when the new buyer brings their new financing to the table at close.
If this deal is up-side down, then there is really no way to make this a good deal other than a short sale. (Negotiating with the lien holders to accept less than what is owed as payment in full).
Creative investing can make wonderful things happen, but a bad deal is still a bad deal.
I hope this helps.
Jeff