I was just thinking. Couldn’t this person just refinance the amount of the total of the 2 loans on the home and pay them off? I mean with the rates as low as they are she could refinance to a 30yr loan for the total amount of the loans she owes, pay them off and have payments a bit more palatable just around 1000 give or take a couple bucks. Those pmts are much less than the 1500/mo blowing through her pocket and with the 1200/mo coming in from the rent she could have a possitive of 200 or so/mo. Then someone maybe I could offer her a wraparound for that same amount staying within the 1200/mo income. Or am I being way too idealistic here? I mean all she wants is to have out of the property. Whats your take on this? Thanks.
Its a 2 bed 1 bath single family home. Its occupied by a tenant paying 1200/mo. rent, ontime. She bought the home 3yrs ago therabouts. sqft around 780. Repairs have been made on the property 3yrs ago according to fha regulations. It has an FHA loan on it. The place also has a 20x20 deck which you can build another bedroom/bath. She didn’t have the money to do it. Her asking price is 167k.
Now hears the problem:
she has a 1st (fha) mortgage on it and a second mortg totaling approx 150k she says. pmts on first is around 1140/mo and pmt on 2nd (aprox 27,000)is around 360/mo. So that means she’s dipping into her pocket for 300/mo to make up the difference.
She basically wants this house sold “yesterday”… She pretty much just wants out of the contract to reduce her expenses. She wants to get the property out of her name.
Is there anyone out there that can give me some advice on how to approach this deal. Oh by the way, she just listed it with a broker last week. I’m not too sure how that will fit into the equaison.
She could pay you $400.00 per mo to take the property “subject to” or lease option the property to you for $1100.00 per mo. both of the abovementioned are extreme ways to take the property only if YOU are a desparate buyer. HERE’S THE REALITY!!!
Probably no deal, NEXT!!!
Pat