I have a motivated seller who's property is in preforeclosure and would like 230k on a house with an ARV of 260k. I explained that that was unreasonable and that as a cash buyer there would have to be a considerable discount or it would make business sense. I told him I'd get him a cash offer and may be able to structure a deal that would give him a higher walk away if he was game.
The place is about 20k behind with a pay off of 160k . It is in pretty good condition, needing to have the floors and bathroom updated only. There was recently a new HVAC installed.
I have formulated my cash offer but would like to also present another option. Can anyone suggest a strategy? I am thinking subject to the existing mortgage but do not fully understand how that is done.
Any advice is appreciated.
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