Posted by Terry(IN) on July 26, 2003 at 14:18:53:
Email me off line and I will put in touch with one.
Is there a deal here to help out aunt? - Posted by elliemay0
Posted by elliemay0 on July 20, 2003 at 17:07:12:
My husband’s elderly aunt and uncle have come into financial difficulty. Uncle will not declare bankruptcy, wants to dig a way out of trouble.They have no equity in their home. I believe they have a mortgage for about $40,000 at a high rate of interest. They have had it for sale for $67,900. No takers. If it had improvements (like new furnace-theirs is “gravity”, and replacement windows, and siding), it would be worth about 74,000. They need the mortgage paid off and an extra 10k for a personal loan they owe. They also have credit card debt and medical bills. The home location is good, and the house is large. It also has an enclosed patio, small fenced in yard, and a 1 car garage.
In our area it seems that buyers are wanting to buy cheaply and to be able to move in without any type of repairs(don’t we all?).It is a buyers market. The average home price here is about $75,000.
I have bought and sold 2 houses in the last 6 months with moderate success. My husband and I did all the work, but we also bought homes needing mostly cosmetic work. Could I structure a deal where I take over the mortgage payments, fix it up and sell it, then pay them the additional $10,000 they need for bills when the house is sold? They definitely want to move into an apartment, because they can’t afford the heating bills in winter. This home is located in Central Pa, close to Penn State University Altona. Any suggestions? Thanks. New to this money juggling stuff.
Re: Is there a deal here to help out aunt? - Posted by Terry(IN)
Posted by Terry(IN) on July 23, 2003 at 12:04:35:
Elliemay,
Offer owner financing. Sell the owner-financed note to a note buyer at closing. Your aunt and uncle will walk away from closing with almost $23,000 (after paying off the $40,000 mortgage). If you need help structuring a note, email me.
Re: Is there a deal here to help out aunt? - Posted by elliemay0
Posted by elliemay0 on July 25, 2003 at 17:00:29:
Thanks. How then, do you find a note buyer?