So I think I have this down. Found a local FSBO, listed at $189K. I called and told her about the program. She's is on board. Motivated and states she is willing to negotiate. I find her bottom at $175K. So my plan is to make the $10K like this.
She wanted to list it at $189K
Im going to sell it at $185K at a slight discount to the neighborhood.
Give her the $175K she wants out of the deal
I figure I need to find a buyer and entice them to put 10% Down, ($18.5K) vs. the normal 20% in a traditional sale.
The $18.5K is broken down as follows: $10K to me as my fee, $6500 as down payment (which I believe I can use as earnst money as well)and $2500 towards closing cost. (Is the $2500 too low for a closing cost estimate?)
As a different metric I figure another candidate for a buyer is someone who is renting right now for say $1150/mnth, makes at least $55K and has low debt. (This will be the reasoning behind my next CL add)
My next step is to get the papers signed by monday and get the ball rolling. $10K here I come!