Need advice with owner financing and foreclosure ASAP

[Christopher V.]

Hello all,

Kind of need urgent advice on this as I'm seeing this house tonight at 7:30pm. So thanks in advance.

I have a two part question:

Question 1: Have you ever bought a house from someone with owner financing? If so, how did you structure the deal/contract? I have a lady offering to sell me a house for 148k, 4% fixed interest, 15 year note. The ARV is $247k (literally same model house 3 doors down that was renovated). I just want to know how to structure a deal and what issues I may run into with the title of the house.

Question 2: It appears that this lady got served a foreclosure notice, so I'm guessing she is a few payments behind. That alone gets my spidey senses tingling, because how could she be offering owner financing when she doesn't even own the house outright? Maybe I'm wrong looking at it that way. I'd guess she'd just take my payments and make her mortgage payments each month and maybe keep a little off the top as profit. My main concern though is, is it even possible/wise to strike a deal for owner financing when a home is in the beginning stages of foreclosure?

Thanks,

Chris