Seller Trying To Save Credit And Get Out Of Debt
Hello, Today I met with a motivated seller who is in need to sell her condo in order to save her credit and get out of debt. She said that she would owner fianace the Condo to me. Condo is worth 35,000 but she only want what she put in the property. New carpet, paint, new AC system all cost her about 5,000 to 7,000. her selling price is 27,000, but I would only pay 25,000 for it. She also has a tenant on Section 8 paying total of 575 per month. Home owner associate fee is 186 per month, property taxes 89 per month. tenant lease end in jan. 2007. I think I could rent this out for about 650 to 700 per month. seller said she would do a contract for deed. Help structure a win win deal for both seller and I.
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