Hi all. New to this forum. Hoping I can find the right audience. Last year, my daughter bought a condo in Santa Clarita a few months before her wedding (her fiance's credit was too poor to be included on the loan and deed so I co-signed with her). 2 months after their wedding, her new husband starting treating her horribly and wanted out of the marriage, leaving my daughter with a condo that she can't afford on a school teacher salary. We are now trying to find someone to assume the loan (current balance of $565K) for a condo with a current market value of $580K or so. Once the market improves, this place will be worth north of $600K easy. Trying to find an investor to take this off her hands so she can finally heal financially and emotionally. 2 bedroom, 2 bathroom condo on a top, corner location with a covered patio and huge balcony and plantation shutters throughout.
Hi all. New to this forum. Hoping I can find the right audience. Last year, my daughter bought a condo in Santa Clarita a few months before her wedding (her fiance's credit was too poor to be included on the loan and deed so I co-signed with her). 2 months after their wedding, her new husband starting treating her horribly and wanted out of the marriage, leaving my daughter with a condo that she can't afford on a school teacher salary. We are now trying to find someone to assume the loan (current balance of $565K) for a condo with a current market value of $580K or so. Once the market improves, this place will be worth north of $600K easy. Trying to find an investor to take this off her hands so she can finally heal financially and emotionally. 2 bedroom, 2 bathroom condo on a top, corner location with a covered patio and huge balcony and plantation shutters throughout.
Hey Tom,
Would you consider just selling to an investor privately instead? Happy to look at this property. I am local in the valley
Open to anything that wouldn't kill us in out of pocket since there's basically no equity since it was bought a year ago with 5% down. I can send you a link to the listing (we've been trying to sell it since April)
Hi all. New to this forum. Hoping I can find the right audience. Last year, my daughter bought a condo in Santa Clarita a few months before her wedding (her fiance's credit was too poor to be included on the loan and deed so I co-signed with her). 2 months after their wedding, her new husband starting treating her horribly and wanted out of the marriage, leaving my daughter with a condo that she can't afford on a school teacher salary. We are now trying to find someone to assume the loan (current balance of $565K) for a condo with a current market value of $580K or so. Once the market improves, this place will be worth north of $600K easy. Trying to find an investor to take this off her hands so she can finally heal financially and emotionally. 2 bedroom, 2 bathroom condo on a top, corner location with a covered patio and huge balcony and plantation shutters throughout.
@Tom Rietta I'd first confirm directly with the servicer whether the existing loan is actually assumable and under what conditions. With roughly a $565K balance against a stated ~$580K value, there isn't much equity for a traditional investor purchase, so the existing loan terms, market rent, HOA and monthly payment are going to be important in determining whether there's an investor angle here.