Advice on owner financing.

[Allen Nelson]

Good morning crew. I have a question. I have heard of the owner financing route for purchase. I have a rather complex situation where the current condition of the home is preventing closing. With that said, we are purchasing from a family friend and have already agreed on all issues. The home will be refurbished in the next weeks or so. Current price is $100,000, but will easily appraise for $160,000 when done. Could we simply go through a lawyer and pay owner, but actually hold the home title until we can refinance? I have put about $20k into the home thus far and it's looking good. I have about $30 in the pocket for closing or just holding. 

Any suggestions are appreciated. Someone has to be able to get us off of this dead end plateau.