Posted by Dr. V. on September 24, 2003 at 01:23:42:
IF you are thinking of buying, fixing and re-selling, then one of your options is to have the owner create a note, and help her through the process. Then sell that note at closing through a simultaneous closing.
Let say you are putting 7K down.
You need 50K NOW.
Make the sale of the property for 62K.
Make the note for 55K.
Owner sells the note at closing for 50K.
You pay the 55K for 2-3 months while fixing, then you sell and pay your mortage.
Or you wrap around creatively and get a slice every month.
There are many other options, this just one of them.