December 3, 2025
We recently completed a unique owner-financing transaction using a wrap-around (mirror wrap) mortgage that became a true win-win on every side—even during one of the most challenging seasons of our lives.
On the buying side, the seller was a young mother of five children—each seven years old or younger—who had been left suddenly by her husband. She couldn’t afford the payments and felt overwhelmed. She wasn’t looking for profit; she simply needed relief and a way to walk away without further stress. After receiving one of our postcards, she reached out to us, and we were able to offer her a respectful, straightforward solution.
During this time, we were in the state of Washington caring for our son as he went through colon cancer treatment and surgery. While navigating appointments, treatments, and recovery, we continued negotiating and working through the details of this deal.
In that process, our mentor, Barbara LeGrand Cockrell, became incredibly valuable—advising, counseling, and walking us through each step. Her experience ensured we structured the wrap-around agreement correctly, ethically, and with complete transparency.
On the selling side, Barbara helped us determine a strategy for finding a buyer and advertising and the correct assignment form to use. We marketed the property through Bandit Signs, Facebook Marketplace, and Zillow, seeking a buyer who would truly live in the home. Because we spoke English and Spanish we created bilingual flyers and passed them out at the local flea market. We got a lot of response. There was no equity spread and no cash-flow spread; the only way we could be compensated was by assigning our contract to a committed end buyer who could take over the monthly payments. After roughly two and a half weeks of diligent marketing and follow-up, a very thankful young couple—first-time homebuyers—stepped forward, agreed to the terms, and fell in love with the home. The owner financing agreement with the seller was for 10 years so we asked the closing attorney to set up a land trust for the buyer just to give them an extra layer of protection that the bank would not call the loan due over the years.
We arranged for closing and Barbara and Ron LeGrand reviewed our closing documents that the attorney prepared. We closed everything properly through our real estate attorney recommended by Ron and received an additional $9,000 assignment fee at closing (we had already received a $1000 deposit).
In the end, the seller received the relief she desperately needed, and a young couple became proud first-time homeowners. Completing this deal long-distance while caring for our son showed us again that creative financing is ultimately about people—helping, serving, and doing things the right way, no matter the circumstances.”
Phil and Cindy Salazar, Home Connections Group LLC, Texas
