Posted by phil fernandez on May 09, 1999 at 07:10:14:
If your concerned about having to buy out the 1st, you might want to consider a lease option using the $3,000 as the option money. Raise the rent give them a rent credit to accumulate some more downpayment money so you can close the deal conventionally down the road. This way if they stop paying you’re talking eviction not foreclosure.
If your buyers had a bankruptcy two years ago, it would seem that you could find financing for them. Have you asked the banker if they need the extra year to get 95% financing. Or a better question to the banker might be, " will your bank 95% finance these people in a year.