They have a choice. - Posted by Mark-NC
Posted by Mark-NC on November 02, 2000 at 10:45:00:
In a perfect world the house would sell for them and they would be done with it. Unfortunatley it hasn’t, so now they have to make a choice. They can continue to throw money into this burdensome mortgage payment or they can solve their problem, the choice is theirs.
They do have a few choices, although they may not like them, they will solve their problem. Maybe you could educate them from information from this site or find a local investor that could help them.
The way I see it A couple choices come to mind.
The first being the simplest, is reduce the price for a quick sale.
The second one, would be to lease option it to an experianced investor in your area. One that will make sure that everything is taken care of. This will relieve them of their burden and they may not have to take such a discount when the L/O is excercised as apposed to a discounted cash sale.
If you are still in the area maybe you could lease it from them and sublease it out. This may or maynot be a good idea seeing that you are a relative.
There are other ways to help out, but at this point it doesn’t sound like they are motivated enough yet to propose them.
Good luck, let us know how you make out!