HowDoes one getCash for a subject-toTransaction? - Posted by Mrs SD

Posted by Mrs SD on October 21, 2000 at 14:24:38:

A relative wants to deed their 2-fam home to us subject to existing financing. She is *extremely* motivated due to job loss. We would like to keep it for a rental but are stumped as to how we can provide cash to the relative for moving expenses. She asked for 50K, I told my husband to find out from her what she *needs* rather than what she wants (his relative, I’m a third party).

Here are the numbers:

FMV: 220K

existing mortgage: 143K

balance for home improvement work done:20K

Monthly mortgage payment: 1610 (she’s one heading into two payments behind)

Monthly rent potential: 2400

Repairs needed: 5K

She’s behind on school taxes, doesn’t know how much she owes, my hubby’s going over today to help find paperwork and determine what she needs out of the deal.

The absolute maximum that we can come up with on our own is 5K, then we’re totally tapped out.

My guesstimate is that she will say she needs 10K. So how do we bring everything current and give her what she needs?

Thanks,

Mrs SD