So I have a highly motivated seller who has 2 mortgages.
2nd 58,000 both at 5.3% =277,000 property needs 20,000 of repairs
ARV IS 310,000 she's willing to bring some money to the table to get out of property, she's coming out of pocket $125.00 a month to keep up with the mortgage It's renting for 1800 and has an In-law that's not legal renting for $800 a month. I don't see a deal here , not sure what my option's are? owner finance or lease option maybe? Not sure I want to be a landlord? and the In-law is an issue with the way she has it set up, already talked to the town and got the detail's on how to make conform to there standards . I don't want to suggest a short sale . Any ideas would help. probably not a good deal but I figured I'd put it out there ?
Thanks in advance
Have her hire a lawyer to renegotiate the 2nd with a full pay settlement. You may be able to knock off $30k or more from the 2nd and make room in the spread that way. Hopefully the 2nd is with a different bank than the 1st as it'll make negotiations easier.
Have her contact the bank and go to escrow on a lower price on a short sale.
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