What would you do? - Posted by Jeff (Al)

Posted by Jeff (Al) on April 07, 2001 at 14:31:21:

Elderly lady died and her estate just came out of probate. Her son, who lives in NC, just listed the house, which is in Alabama, with a realtor for $79k. FMV for that neighborhood. Rents are about $800/month. House has a $55K VA loan from 1996 on it. Realtor will not input into MLS until Monday or Tuesday. What’s the better approach here, Lease Option? Or can I assume the VA Loan without qualifying and ask the seller to take back a 2nd? For an out of state owner that inherited the house, what price and terms would you initially offer?

Thanks for any advice!