Need Feedback On This Deal
I'm trying to put this one particular deal together. The Owner has approx. 55,000K in equity. She has a 1st that she owes 51K and a 2nd that she owes 22K. The property is appraised at 128,000K. The sellers have been in the house approximately for 5 years and they want to move back to Ft Lauderdale. I believe the real underlying reason is that they are now having a hard time making the payments. What type of creative technique would any of you use to get this deal in consideration of all the equity the owners do have. Maybe a wrap-around mortgage? Any suggestions please are welcome
I'd recommend trying a "subject to" first, and if that doesn't fly, a lease option.