Updated over 14 years ago on . Most recent reply
How would you structure this deal?
I've been contacted by someone who sold a small apartment complex to a buyer through seller financing. The buyer is no longer paying and the seller just wants out of it. Amount owed and back taxes total $23,000. Appears the complex is around 50% occupancy. Unknown if tenants are paying. Current as-is value is around $80k-$100k. Repaired value is about $140k. The buyer is not responsive to seller and avoiding them.
How can I structure the deal to purchase/take control with the unresponsive buyer?
Appears that buying the note or a foreclosure are out of the question because the property would sell for higher at the sheriff sale. Deed in Lieu with extra cash would only work if buyer is willing but doesn't appear to be. Any ideas?