Updated almost 13 years ago on . Most recent reply
Potential Lease Option Deal
Hello,
I have been currently working on a deal in which I was originally looking to wholesale, but kind of having a hard time.This was a deal in which I had wrapped up, but when closing came, the buyer backed out due to the tax liens on the property being higher than either one of us originally expected. The liens total comes to about $14,000. The property is a single family home 3br/1ba with over 1,400 sf that needs about less than $10,000 in repair work. It has a ARV of $45,000-$50,000. I was marketing the sale price $16,500. The seller has really grown to me and wants me to help him sell his home. I have been avertising and had some potential investors interested, but what they were trying to negotiate to pay for the balance of the liens and take me out of the deal completely without getting any type of assignment fee. I do have a family that is looking to do a land contract for the property in a "as is" condition with $2,500 down, pay $700/mo, and purchase the property for $17,500. That option has by far been my best one, but I am not sure on how to structure the deal even with the tax liens against the property. The buyer who wants to do the land contract would move in as soon as they could.I havent done a lease option deal before with me being the middle man. Anyone have any advise on how I should move forward? Thank You in advance.