Seller Owes 96% Of Asking To the Bank | Seller Financing Ideas

[Michael Glaser]

Been a long week and my brain is having troubling figuring out how to make this a deal. The current market climate is forcing many, more often than not, to make a deal.

Seller moved across the street with her new husband after her 1st husband passed away. House needs some work and the numbers do not work at her current asking. She owes the bank 96% of current asking. 

She owes what she owes and the bank isn't going to give a discount unless she defaults, which she won't. Is there some sort of owner financing I'm not thinking about? Ideas would be that her tax hit would be lessened if we did owner financing over a 15-25yr note. Anyone with experience with this would be much appreciated.

Ideas welcome!

[Aaron K.]

If she lived in the house she won't have a tax hit anyway.  Owner financing isn't going to make sense for her because she has to pay off the bank, unless she continues to hold the note, which I'm guessing she doesn't want to do.  If her loan is 96% of asking she is already losing money after paying the realtor, which she has accepted, at this point she just wants to minimize losses.