Payments Too High!
I have a seller willing to let me take over the payments; he does not have much equity and are moving to a new house (motivated). The mtg (bal=$186K) payments on this 2/2.5 TH is 2000/m (FMV=$190K). I have a willing LO buyer at $3000 and 1500/m (1yr LO for $205K).
That leaves a difference of $500 x 12m = $6000 for a year.
How would you cover that?
* hold $3000 from buyer in buffer account and ask seller to pay for next 2 months of mtg (so I keep another $1500 x 2m = $3000 from buyer); then make sellers mtg payments
* pay seller $1500/m - $1600/m to seller for 12m and let him put the difference and make mtg payments
Also, what if you cannot locate the seller after 12m (they relocate etc). How do you make sure they will be avl when you (your buyer) is ready for refinance? Do you presign docs (POA, Warranty Deed etc.)
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