Inspector · Alsip, IL · Member since 2008 · 361 posts · 75 votes
Hi all! My sister has a townhouse in a type 2 neighborhood that she moved out of and is trying to sell. It's been on the market for a year, is worth little more than she paid for it ($5000 difference give or take), needs very little repairs (maybe paint) and would probably be a good section 8 candidate if the numbers worked. I'm too new at this to know what to tell her. She'd be happy to be rid of it and just break even. I was thinking sub2, but she doesn't want her name to be on the mortgage. So what the heck can we do with this? :cool: Any ideas at all would be appreciated.
Inspector · Alsip, IL · Member since 2008 · 361 posts · 75 votes
17y
Mike, I'll get the exact numbers for you tomorrow. It wasn't a rental. It was her residence. My parents helped her move to a different place when she had a kid because the neighborhood was bad.
Nick, I'm not looking to take the property on myself. It doesn't fit my criteria. I'm not looking to talk her into it exactly, just to find a solution that she can be happy with. She isn't upside down, there just isn't much of a spread. Thanks guys!
Specialist · Las Cruces, NM · Member since 2009 · 557 posts · 71 votes
17y
Look in your local papers or classifieds and find an add that says something near "We buy homes for cash". Give them a call. Most of these investors will work with you or her in a way that will be beneficial for both parties. Just given your basic description I would assume that they'll most likely ask her to carry for at least 2 years. Either by L/O or an owner finance with a balloon.