How To Structure This Deal?
How can I structure this deal?
A mortgage broker that I have worked with before is trying to close a commercial deal for a client of his, but the numbers aren't working.
He has convinced his client to dump two of his houses for cash at a discount but they need to do it in 3 weeks. The broker is looking for $1,200 per house as a fee.
The houses FMV - $90K and $80K according to comps. Asking price $75K and $70K respectifully.
Both properties free and clear of any other loans. Current tenants are on month to month and not interested in buying.
My initial thought is to have the broker go back to the seller and get his money from him and we will adjust his asking price accordingly.
Is there a program that will work for this? The buyer doesn't want to be too highly involved. I would like to get the property under contract, but how would I cash the buyer out? Are there lenders out there that do this type of thing? I would have to do a 100% and credit is not an issue.
Thanks.
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