Creative Financing?

[Shabyna Stillman]

Hi, need your input please. Have a seller who is facing foreclosure on their property. They owe $64,000 and he wants $84,000. MAO is $64,000, repairs would be $25k for a flip and $15k for a rental. Properties in that neighborhood sell for about $120,000. He will not accept MAO but is open to creative financing. Any suggestions on how to approach this? Thanks.

[Randy Stuart]

Have someone else go visit him and offer 58k, and have them tell him how dumb he is for wanting to foreclose for less than 84. Have this person also describe of the future headaches that the foreclosure will mean to his sister. Then you go back and nicely offer 64k. If he is still too ignorant move on.