All Forum Posts by: Jacob McCann

@Brandon Barnes

So would you recommend before any further progress, that I should can my lender and explain the situation?

Hello, BP!

I have a question, looking to buy my first house and I already got pre approved and found a potential deal I plan to make this home my primary residence, so I can put down 5%. The problem is I’ve found a off market deal and the owner wants to live in the house till he passes away (he has stage 4 cancer) so unfortunately the doctors said not long. I would buy the house and allow him to live there maybe charge him very low rent to help me pay the mortgage and still pay rent where I’m currently staying. My question is am I allowed to do this? I really do plan on making it my primary residence after he passes.

Hello BP!

I just recently to go driving for dollars in hopes to stumble across some potential deals.

I found a property with overgrown grass, tree branches hanging so low it blocks driveway. All of the signs it’s abandoned, after further research I’ve found that the owner has passed away. Digging deeper I found out that his wife had passed away 1 year before and he got a letter from the bank on 11/20/2019 saying that he was facing foreclosure. Well he passed away august of 2020 and the home is still there and according to the records he’s still the owner. I’ve found his kids and contacted them currently waiting for response. However after digging deep it appears to me he owes just more than the house may be worth! Assuming that his heirs (his kids) can’t sell off the property to pay remaining mortgage. My question is it’s been a whole year later nearly since foreclosure letter. Did that stop when he passed away? Is it too late to assume the mortgage from his kids?

@Mitch Messer Thank you Mitch for those wise tips!

Hello! I have a kind of different situation here. Long story short is a older gentleman I use to work with has stage 4 cancer and my mother happens to be his caretaker for now he doesn’t have much time left. He only has 2 kids that he doesn’t have a great relationship with. He mentioned to my mom he wanted to sell his house and just rent a place, my mom told me and I’m very interested in buying the property from him.

He’s on the edge on whether or not he wants to sell. I’m going to talk to him Friday to discuss but I need tips on how I can solve his problems and make everyone win here. What I’m thinking of offering is.

-A good down payment upfront for him to have.

-Let him to live in the property till he passes away so he doesn’t have to worry about moving.

-offer him what he wants for the property at a low interest rate over 30 years payments going to his 2 kids.

I just don’t know if this is going to sound appeasing to him I mean it’s a sad situation I really like the house and would plan on making it my primary residence.

Would you guys structure the deal differently not talking prices just really wanting to know the approach you would take in this situation.

Thank you!

I'm looking to buy a SFH that is outdated and needs minimal renovations. I plan to live in it for a couple of years then rent it out. My question is really on what kind of mortgage I should go with. FHA sounds real nice due to the low down payment which is what i'm after so i can use the extra money to "update" the home, but i'm worried that the homes i'm looking for wont pass inspections with FHA. Does anyone have any insight as to what kind of homes FHA wont loan on? My alternative is a Conventional loan, but I really want to stay 10% down-payment and lower.

Thank you!