I have a motivated seller. Two years behind on taxes. In the middle of a divorce. They have 100% equity in the home. Both want to sell but are arguing over the division of the proceeds. I want to lock them down before someone offers them more money or better terms.
I conservatively estimate ARV at 210K and rehab/repairs at 40K. Location will fly off the market. I have them ready to sell to me at 130K but they are fighting over who gets the money.
Any ideas how I can tie them up and lock this deal before they reach an agreement on how to disperse the proceeds?
I was considering lending them money to pay the taxes in exchange for a note, DOT, and some sort of option to buy the property at an agreed price in the next 12 months.
Thoughts?
