Updated over 5 years ago on . Most recent reply
I need help with this deal
So I've came across this deal, sort of by accident but I just can't pass it up. The seller is extremely motivated. This will be a Sub2 deal if I can figure out how to actually do it. The person I've been speaking to is the sister of the owner, the owner ended up going to jail and could be facing foreclosure on his house. The sister is now his POA with the right to sell. They owe ~52k, it needs around ~10k in minor cosmetic repairs, and arvs at around 80k+. They deal they accepted is a sub2 with no cash down, I just assume the loan. How does this work? I know the basic concept but to be honest have no idea about the logistics between actually doing one. Can't seem to find solid answers anywhere I look. I spoke to my attorney yesterday and he's not too sure either. He was talking about a "due on sale" clause which I've heard of. Also this property is located in Indiana, and my attorney and myself are in Kentucky. Any help/advice on what my next steps are or how to even structure this? Thanks