I recently received a phone call from a seller who was her Realtor refer her to me. Her house have been sold to the bank in March2015 and the bank already start the eviction process and also as the the client the bank ask her to send an offer for her to buy the house however the client does not have any money nor credit to buy it. The client stated house have close to $25,000 worth of repairs because the roof is no good and have a lot of other issues. the client want to know if i can purchase the property and sell it to her after a couple year once her credit score and income are OK. Is that OK for me to do buy it and sell it back to her once she is qualify?the property valued is close to $160,000 and i was thinking of offering the bank about $60,000. What are your suggestion and best way to structure this deal.
I have actually thought about this scenario myself and I find that there are a lot of bad routes this can take. I would do it with a very detailed agreement that said they would be buying the house back from me at X amount and put in the agreement that you don't have to sell the house back to them at all. Get to know the person before you agree to do this. I think it would be very good karma to help someone out like this.
Thank you very much for your response.
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