Creative Finance Subject To Question

[Matt Carroll]

Foreclosure - Subject To Question

I have a seller who is in foreclosure and I am trying to structure a subject to offer for them but having a difficult time. Seller finance I totally get, but struggling on this one. I could use some help from other brilliant brains out there.

The seller owes $200,000 on the property (this includes mortgage and back payments). There mortgage is $1200 a month and they want $15k at closing in their pockets (if possible). ARV is $300k and renovations are $30k. They don't necessarily want an interest rate but principal only payments. Any advice out there on how to structure this would be very helpful?

Thank you.

Matt

[Galen Ikonomov]

Wait, what? What am I missing here? Seller that is going to be saved from a financial distress and credit destruction is negotiating with you ?

Dude, explain to the guy that with foreclosure on his record, he will be homeless. He has no right or whatsoever to say "I want..". Don't offer anything beyond you paying for the any cost associated with him transferring the deed to you. 

Take over the mortgage payments through SubTo, come current with the payments and rent the property out.