Seller/Owner Financing-Northern NJ
Anyone interested in owner financing a property in the northern NJ area? I have a client interested in purchasing a fixer but has too much credit out to qualify for a conventional loan.
As far as structure, I suggested he take a deed now with a mortgage back on the property so he is protected when he maintains, pays taxes and insurance and incurs significant costs improving the property, but the owner of the property he is interested in wants to retain title. I don't see how we can make that work. Anyone with advice on a way to structure that makes both parties comfortable?
Thanks!