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Updated over 6 years ago,
How to Profit from This Deal
I have a seller wanting to sell his 10 acres of land and his house on it for 30K. Half is wooded with cedar tree, the other half is just grass. It has water and electricity. The house is nice too, 3 bed 1 bath with HVAC, energy efficient windows, and hardwood flooring. Everything is setup very nicely. The road to the property is paved too, not terribly far from city limit. So the house itself is worth 40K at least from my guess. I looked up recent comps sale records. His neighbor with also 10 acres of ONLY land sold for 60K a few months ago...
However, the seller has a judgement (close to 200K) that's gonna go in effect on the 18th. He bought this property with owner finance, so he doesn't have the deed yet (contract for deed or land contract), still owes about 20K, wants to make 10K profit. I know there's no way title company can do title search and close before 18th. So the seller is concerned if we close after 18th, then that 10K profit of his will go straight to his debtor. How can we avoid that and make this a deal? I plan to wholesale it btw.