Need Deal Advice- today!

[Mark Turner]

Hi and Happy New Year!

I have a deal that is going south, so I wanted to brainstorm some ideas to see if it is worth saving. Because the deal is in attorney review...I will be generic about the specifics.

So here is the summary...

1. I have an offer with the seller - signed and in attorney review

2. There is a seller's agent only and I am working with the agent directly. (The realtor will be both the buyer/seller agent and will receive full commission)

3. The seller bought the home < year and began renovations. The home still needs repairs. Renovations have stopped due to problems with the owner. The owner's family has a POA to complete the sale...all I can say for now.

4. There is a mortgage on the home.

5. I found out their is a mechanic's lien on the home that is 10% of the sale price value.

6. Agent was not aware of the lien. The family was not aware of the lien (they claim).

7. House is upside down now with my offer and lien. Owner may have filed bankruptcy...don't know when.

8. Attorney's are reviewing to see if there are any other liens.

My thoughts...

1. Check to see if mortgage is assumable..is there a way to pick up the mortgage and leave the lien with the seller? (they can not payoff with purchase current offer)

2. Look at lease purchase where I pick up the lien with a reduced lease (then sublease to recover lien expense) agreement and a fixed purchase price after lease end

3..The seller's family work off the lien (they are contractors...bad idea).

4. Walk away

5. What else?

I will have today to pick a direction. Your input would be appreciated.

Regards and Happy New Year!