How do I move forward with my First offer??

[Carrie Cavins]

I found a property listed at 60,000 (and worth close to that price) and spoke with the owners and found out they owe 20,000 and are selling it due to a death of a family member. They just want to move forward in life. The property is valued for around 55,000 and I am thinking to do owner financing for a rent to own property. What do I offer knowing the balanced owed and what the circumstance is. What do I say? How do I offer multiple options to help them? Thank you!

[Steve Vaughan]

Originally posted by @Carrie Cavins:

John Arendsen Neal Collins I need to clarify, I had planned on trying to offer cash using comps and 70% rule, which would have been $42000.
Now I know that they owe $20k and property is worth $55k, how do I proceed forward and not burn/lose this deal?
There have been no other offers and they don't want to rent it out.

My personal end goal is to do rent to own instead of renting, AFTER the property is purchased.

If it's on its own land, then I would write my offer in a friendly little LOI letter at $42,421 cash, or $52,762 seller-financed with 10% down at market rates. Never use round numbers with lots of zeros, Carrie.

Always do a UCC title search on mobiles if the title hasn't been eliminated into real property.