Seller Owes 46k But Her House Is Worth 100k
I have a deal where a lady called me and she will be 1 month behind very soon. She owes 46k on her home with 6k in repairs and her house is worth 100k, she wants at least 9k out the deal to pay off her car. What are my options or how should I structure this deal. I have no money to put in the deal.
lock up the deal w/ her and find a buyer for say 75K.
That way you both make money. They after they buy it, pay her the 9K.
Or you could assign the contract for your fee.[ Edited by cjmazur on Date 04/15/2009 ]
Sounds like a perfect Sub-to deal. If you can come up with the money for the car. Or offer to take over those payments as well until you can do something with the house.