Owner Says Will You Buy My House Subject 2
I have not been in this business very long and fairly new to the subject 2 business but, this was a first for me. I was looking at a house next door to this one and the owner saw me and asked me to look at his. I gladly went to see a beautiful lake house that he had for sale. I told him I might be interested if he would be willing to carry back the financing. He imeadiately tells me that he is 2 payments behind and will sell it with a wrap. I have made him an offer to catch up his payments and and buy it subject 2 his existing. It has every bit of $150,000 in equity if not more. I think its a deal and the easiest one I have ever done. I might even move into to myself. I think he might possibly want to include a small portion of that equity in the wrap but if he does I am thinking of offering to freeze some of it and make it payable in like 3-5 years giving me time to get the property sold on a lease option. What are your thoughts? Anyone have any better suggestions?
maryts,
Glad to meet you.
My question would be have you done a title search on the property to see what the liens and encumbrances are?
John $Cash$ Locke
[addsig]
Thanks for the advice I will definetly have my attorney handle all the paper work and the title work. Thanks ---