Posted by JohnBoy on March 09, 2001 at 07:56:38:
Yes, you can do any of these techniques. All you need to do is find out what the seller NEEDS and present a solution to solve the problem. Just because he owns the property free & clear means nothing. It sounds like he doesn’t NEED to get all his cash out NOW, especially since he paid cash for someone else to just live their. It sounds like he just wants to get rid of this thing since he no longer has a use for it and doesn’t want to be bothered with it!
A L/O, seller financing, getting a new first for 50% - 70% LTV with the seller holding a second for the balance to get him some cash out could all work. It’s just a matter of what the seller NEEDS and is willing to do just to get this thing off his back so he doesn’t need to be bothered with it!
Go sit down at the table with this guy and work out an arrangement that he would be agreeable on! That’s all their is to it! Once you come to some sort of an agreement on the terms, write the thing up under a contract spelling out those terms and get it signed off. The house is yours!