Colorado - subject to vs wrap vs ??
A distressed owner came to me, he wants out of his property fast and he doesn't have the cash to get it retail ready or hold it much longer.
Value approx $85k
Estimated rent at least $800/mo
Mortgage $55k
Knowing what he would walk away with after a traditional retail sale, he may be willing to do a quick deal for the cash with a lower sales price.
My questions are
1. Is there a "best" way to structure the deal out of the options that don't involve a new loan?
2. Does state or local law affect the answer to question 1?
3. Who would I close a deal like this through? Title? Lawyer? Both?