Assuming Mortgage Deal
Mother will be putting home on market in the next month for 210,000.
She currently owes 38,000 left on it.
In order to afford her new Townhouse that she wants in the ballpark of 250-300k, she needs to use a good portion of her profits (100-130k) to use as a down payment.
Sounds like a good opportunity going to waste since she owes so little on the home. Agree? The idea is to rent the home afterwards.
Any thoughts, concerns, tips on making this happen?
I don't want to buy it for what she's selling for, but she also doesn't want to remain in ownership of the property.
Thank you.