possible Sub To deal?
Hi, have a seller who is looking to get out of their primary residence that they have owned for about 10 years in order to get into another property to accommodate their growing family. They have approached me first in 'selling' their home. Ive used hard money and conventional financing in the past; however this one has numbers that wont work for those and was wondering if there was an option to create a win-win for everyone.
The home is currently valued at $70k conservatively and is in clean condition (just an older roof). The neighborhood comps reflect a sales price range of $70k to $77k, so not too much upside even if I do some upgrades.
Their loan balance= $77k for a $720/mo loan payment. The market rents for that subject property neighborhood, sq. ftg., etc is between $900 to $1k/mo.
So basically they are under water on the loan. The interesting part is they are wanting to rent the house from me for a couple of months until they can move into their new property.
Any ideas on this one?