Aug 15 • Deals
Proposing an Owner Finance
I have a probate deal that Ive been working and my heart in this is to help him keep his house, or at least walk away with some cash. The deceased father had a reverse mortgage on it and they are demanding payment in the next 3 months. The heir/seller is open to selling and would walk away with about $30k and I would flip; I’ve also offered to buy it and sell it back to him on owner financing - obviously at a higher rate and with money down. He wants to see what that would look like but I’m not sure where to start or how to figure that up. I need to make some money but also want to give him a good deal.
House is worth $220k, he will take $125k. That would give him $30k after he pays off the RM. I’m thinking I could sell it back to him at $160k with 10% down, at 8% interest but not sure… also not sure how to calculate the monthly payment he’d need to make and factor in tax, insurance, etc.… any thoughts? Does anyone have contract examples? Thanks!
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Proposing an Owner Finance
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