Creative Financing / Creative Deal
Good day!
I found a homeowner who just received the first notice of foreclosure. She has over $150K equity in the home and is open to a creative deal. She is willing to allow me to assume her mortgage.
PROBLEM: I have another home I am still trying to sell. It would make my life and situation easier if I sold this other home, but I do not want to pass up this gem of a house.
Besides assuming the mortgage, what other creative deals are out there?
I thought about renting to own until I sell my house, but that is the same as assuming the mortgage because she probably will not want less than the mortgage amount.
The kitchen and master bathroom need to be updated ($20K to update).
I plan to update and sell. She is not paying the mortgage currently and the loan is assumable.