If the owner doesnt want his house anymore but he has 100k in equity and the house is worth 200k and I take over his mortgage for 150k. When will the owner get his 50k equity left?
Hello Fili! That usually has one of those negotiation things that addresses the debt payment.. You typically save him of any existing debt and own all debts upon your resell closing with a the maximum time. If you have to offer them a part of your monthly spread on new lease which may be part of a Lease Option. Just be creative that would make the current owner happy. He may be happy by his saving the closing cost of about 10% or by offering a little larger sales price.
Good luck to you!
@Michael Lewis Lee so, I would pay him monthly?