Option Purchase

[Christopher T]

Hello everyone. Quick question on options. I plan on talking to my attorney about this but wanted to get some ideas from my BP friends first.

I put a house under contract last week (house is pre-foreclosure). After signing the contract, I found out the owner has cancer and isn't expected to live for more than a year. He is an alcoholic and a hoarder and doesn't work as he suffers from depression. When he moves out of the house I am purchasing from him, he is going to move into another house he owns just down the street which he pays mortgage on.

I was thinking of ways to help him out so that he doesn't have to worry about the bank taking his second house away. I thought of purchasing an option to buy his house to put a little extra money in his pocket to help pay his mortgage (I don't want the bank to take his 2nd house and have him live his last days on the streets).

I haven't dealt with this before and was wondering if anyone on this forum has experience in this. If so, what would be the best way to proceed?

Thanks!

[Tevis Verrett]

Chris,

I am a retired physician, so dont take 'cancer' at face value. Colon and prostate cancer is so slow growing that most folks die of old age, rather than the ailment.

Liver carcinoma (he is an alcoholic) is a different story. Don't be played.

Secondly, Bill Gulley and Steve Babiak are spot on. What about setting up a "reverse mortgage" scenario with him?

Be well,

Tevis