im a newbie need help understanding how i should approach this deal. Seller is willing to owner finance. I working with a lender to cover acq and rehab cost. Seller wants 20 % down ( seller holds a tax deed?) I really not clear if the tax deed holder owns the property i checked the records and the county does show a sale in the amount of the tax deed. The owner is asking for less than 60k with 20% down. I want to do zero down allow them to hold a second position note for year and then refi and buy the seller out for way less than what they are asking im thinking 22k.
How should i approach this?
There are going to be very few if any sellers willing to finance with you putting zero down. After all if things don't go your way what is stopping you from pulling out of the deal?
Depending on what State you are in will depend if there would be a tax deed. Have you checked county records to determine who owns the house? Are the taxes past due and is the house free of liens? Is the seller providing a contract that outlines all the terms of the purchase?
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