Posted by Michael Morrongiello on March 27, 2006 at 24:24:41:
Why offer the seller a “wrap” type loan? Why not take title “subject to” their existing financing and have them take back a “soft payment” 2nd lien Note that would be due upon your RESALE of the property…?
Another way to go might be to simply get an OPTION to buy the property for $XXX and then secure your option with a Mortgage lien. Now you rehab & upgrade the home and when you are ready to market it for sale you excercise your option.
Best to your success,