Need Advice on a Potential Deal

[Kathy Armstrong]

Hello everyone. I have a lady contact me from my marketing that has a house that is fully paid for. It is empty. She is in another state. She had it listed but it did not sell. She is not desperate and the house does not need work but she is ready to sell and she is open to owner financing the house. I did the comps and I think I can get $10K more than she is asking. She really does not want to deal with it since she is in another state. I want to tie up the house with a contract to give me time to find a retail buyer which should not be hard since it is owner financed. I am going to ask her to agree to me keeping all monies over her asking price. I know I use a regular sales agreement with an option period to tie up the house. But what type of agreement would I use to contract her to pay me the extra money negotiated above her asking price? She will close with the buyer I find at the price I negotiate, but then how do I get my money at closing? I hope this is making sense. Does this sound like a good idea? Any help or advice would be welcome.

Thanks,

Kathy

[Elizabeth Colegrove]

@Kathy Armstrong

Do you have to use owner financing? If the house needs to work, I would try to find non-owner financing. That way you do not have to show the owner how much you have marked it up. That should also prevent the issues that @Shaun Reilly brought up