Posted by Michael Morrongiello on January 11, 2001 at 23:21:39:
Agree to take title “subject to” the $45K mortgage, then do the $7K in repairs quickly (assuming you can fund these on your own). You now have a home worth $75K that you are into for around $53K -$55K. When you retail the home to an owner occupied buyer the other loan will be paid off.
Explain this to the seller and gauge his /her interest