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Updated over 4 years ago,
Purchasing a flip from a seller who is on a land contract
Im in talks with a seller to buy an off market property in NE Ohio with my goal being to rehab and flip. He is currently on a land contract in which he owes about 20k on, and he is asking 55k for the property. I am still putting numbers together to create an offer as there is fair amount of rehab needed on the house. i have not seen the contract sell is on. Called couple title companies and they were not able to provide any useful info.
In order for me to acquire this property, how would i go about doing this? I imagine the land contract has to be taking care of first, and the 20k owed be paid off beforehand?
Any and all advice would be appreciated. Thanks