HELP Seller has $32k in Judgements on a $10k Property...

[Taylor Jennings]

Here are the details:

Seller's House Price: $10,500

Judgements: $32,700

My Wholesale Fee: ~$6,800

Closing Costs + Back Taxes: $1,700

Buyer Cash Offer: $19,000

The seller owns (4) total rentals including this one and I believe would be willing to sell the others under the circumstances.

One house I looked at is in bad shape and not in a very good area, but I could probably offer $3k on it.

I'm not sure what condition the other houses are in.

Here is the Title Work on the primary house: http://bit.ly/1f5Mfq3

I was told that the $12,965 will fall off December, 15th because it will be 10 years old?

Should I negotiate a price for all of the properties with the offer to pay off the judgments and let them walk away from the total owed?

Should I wait until December?

How should I structure this... Thanks.

(Stinks to have to go through this on my first deal!)

[Leonard L.]

But no, you would not need an attorney to negotiate the discount. If you want to try that route, first ask the title company for a release form subject to payment. Then you and the creditor fill out the amount to be paid to release the lien and submit the document to escrow. Make sure the form does not OBLIGATE you to pay, but rather says IF you pay this amount in the next 30 days, by creditors signature on the document, escrow is instructed to release the lien. That way, you can have one creditor sign while you are still working on the other creditors. But again, with so many different creditors, this is a huge long shot.