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:
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?