Posted by Jay IN on February 04, 2002 at 16:18:27:
Just have her give you an OPTION on the property. It basically says that you have the right to buy the property for a given amount and anything over that you get as profit. All you need to do then is spend your time and money finding a qualified buyer. You might want to find a decent mortgage broker to help you qualify your buyers.
Hope that helps.
Jay
HELP Newbie in distress - Posted by Lance
Posted by Lance on February 04, 2002 at 12:31:25:
I found a seller who wants me to do a deal like a realtor would. She has a house worth $120K with a remaining mortgage of $90K. She said we can split the difference in equity but she wants nothing to do with subject to the mortgage, or me taking over payments, etc. She wants a traditional closing and goodbye. My previous course work has prepared me to not work with banks and to do lease options, etc. and I don’t know how to proceed next. Any advice from experienced people? Please hurry… I have to call her back today.