Should I run or should I pursue this subject-to deal?
Hello all, I have a dilemma. I spoke with a motivated seller recently about purchasing their home. She inherited it 10 years ago, took out a second mortgage and a heloc. she cant make the payments due to her husbands health and cant work. time is up on the heloc with a 16k balance due now (cant be extended due to delinquent taxes), 34k balance on the 2nd motgage, 5k owed on 3 years back taxes. She wants 60k to clear her debt and put a few grand in her pocket. they also want to stay in the home and rent it back for 6 years until she retires. the house needs a bath and kitchen remodel but that could wait until they leave. The central a/c unit is the next thing that needs to be replaced (25 years old) arv is around 115-120k. rent 850-900. one part says to try and make it happen and help these folks with their problem one part says back off..can a sub 2 arrangement be worked out with this? thanks for reading this far..I know its long