Updated about 7 years ago on . Most recent reply
Keeping seller in home - creative transaction help!
Hi All - this is not a guarantee yet, but I'm looking for creative option to present to the seller. Assuming I get the sale price where the numbers will work, here is the scenario put as short as possible:
Owner lives on the same street as my parents and where I grew up. She is in terrible health and the interior of the home is in terrible shape/living condition. She has no family and is in and out of the hospital frequently. She is currently in there now and when she returns, I am going to approach her about this but I feel I need to be a little more calculated than normal. I know I need to get the home for around 200k to work. I would consider knocking the property down and building a home for myself to live in when all is said and done, so I know that adds a different element to it.
I know she will probably stay there until she dies or can't return from the hospital. I'm not trying to take advantage of her, but I do want to secure something before anything bad happens and the house is left to the state.
Do you guys have any creative ways you would recommend of me buying the home, but allowing her to stay in it for up to 1 or even 2 years at most? Buy and then rent it back to her? Any thoughts or suggestions would be much appreciated!