Found Seller With $80,00 In Equity
I have a seller who has only $25,000 left on their mortgage how do I structure this deal they are willing to subject to but they want their money out of the house. I don't have the funds to buy the property from them nor can I get a mortgage loan because my credit is so bad. Need help please I don't want to let this one get away.
thanks
There is not enough info here to give you any advice on the "deal."
They have $80K in equity. That's great. The real questions are 1) what are they asking for the property? and 2) are they motivated to sell (and if so, why)?
Once these questions are answered, plus the repair costs, etc., then someone will be able to give you some better advice.
Just from what you've given, it's very unlikely that you'll be able to get this property withou some serious out of pocket cash. By your figures, the FMV is $105K. Even if you get it at 50% of value (slim chance, I'd wager), you'll still need about $30K to close the deal.
First thought on this is for you to bring in a money partner. The beauty of it is, depending on their motivation, the money partner could be the sellers themselves.
Roger