How should I structure this MLS deal.
Owner wants to get out of subject property.
- Owner signs a P&S agreement with me for 160,000 but is still flexible on price
- Owner owes 181,000 to his mortgage.
- Property is worth 210,000 ARV I have 3 comps in the same neighborhood showing this.
- Property is listed with an agent off the MLS
- Willing to do a Subject to
Not sure what to do in this case. Should I buy the property subject to existing mortgage. If so what do I do about the realtors fee.
Is there any way to buy the property a lower price than the mortgage. If so how can I get the lender to forgive the amount deficit.
Owner does not seem to be distressed as he is not late with any payments on his mortgage so I'm not sure a short-sale would work. I may be wrong.
Please help this fellow investor out.