Updated over 4 years ago on . Most recent reply
Buying a SFH From a Friend
Hi BP Community, i need your advice on how to best approach this situation: A friend of mine is looking to place his Home on the market (located in Modesto, CA) for the simple reason of getting his equity out and paying off some debt. He currently has a mutual friend living there, but doesn't want to leave them homeless, since they are not able to find a place to live other than where they are currently living. The home is estimated to be worth $280K-$330K, and I am interested in purchasing the property, but on the lower end, since the property requires some work, and i would be leaving the current tenants in place. He currently owes $86K on the mortgage. Is there an incentive that i could approach him with for him to sell me the property on the lower end of the valuation? Is there a way that we can make a mutual agreement between us without involving agents in which he wouldn't have to pay closing costs for? I am trying to see what could be a win-win situation for the both of us. Any advice is much appreciated!