Heres an option - Posted by Michael Morrongiello American Note
Posted by Michael Morrongiello American Note on December 09, 1999 at 23:22:57:
If the #'s presented are accurate and you feel there is some motivation here with this seller. Go ahead and Option that home NOW for the $15K in cash he wants above and beyond his $44K owed. Put $1K +/- at risk.
Then market the dickens out of that home by advertsing it for sale where OWNER WILL FINANCE.
$9k down, $676.91 per month.
Running an ad like this will draw attention to this property. Filter and screen the calls to locate a suitable buyer who has $9K +/- in cash to put down and who has reasonably strong credit and employment stability.
Agree to sell to them the home for $83K and have them put down their $9K leaving a $74K balance that you will owner finance for them. That note if propertly structured can then be converted into immediate cash (ball park $65,000.00 +/- ). From these cash proceeds you excercise your option and pay the seller his $59K ($44K VA loan + the $15K he wants). The overage of approx. $7K is yours for working with a creative note funder that will assist you in making this deal happen.