Seller in nursing home - there’s a deal here somewhere! - Posted by DaveD (WI)
Posted by DaveD (WI) on April 05, 1999 at 10:49:10:
Here is a situation that is fairly typical: Vacant house, out-of-town relatives now have power of attorney. Real don’t-wanters. House is free & clear, but needs a little paint, carpet and roof (figure $4000 total). Paint/carpet should be done right away, roof can wait until cash-out closing time. Not junky enough for all cash steal. 70k ARV, assessed for 61k, can purchase/strike for 54k. POA doesn’t need cash (but doesn’t want to do repairs either), and is leery of land contract, or L/O because they figure their parent will be dead within 1-9 months. Afraid of probate complications. Willing to rent, L/O, or contract, but only until he goes onto his heavenly reward.
How can I convince him I can help him out, but need a longer (2+ years) backdoor for tenant/buyer? Or am I missing something more obvious? Thanks to all for your help!