Posted by AdamFL on February 03, 2002 at 22:05:03:
Ok. Why not take the house subject 2 and offer to pay him the “remainder” when you’re cashed out. Now you’ll have to determine what the “remainder” is. If it’s worth $270, and you can sell it on a L/O for $300 then you can give him $80k when you’re cashed out. If it were me, I’d try to negotiate a lower purchase price altogether. One thing to consider – given the price range of this property, how difficult/easy will it be to find buyers?
Here’s what I’d consider doing… (1) get an option on the property while you look for a buyer. This way, he’s making payments instead of you. If you find a buyer, get the deed and boom! Pay him when you cash out.
(2) L/O from him and get him to make payments for, say, 3 months while you find a buyer. Same plan as above.
Hope this helps.