looking for win/win

[socharming1 0]

Seller has house 2/1 rambler, full basement, oil heat, ac, new deck & roof.

 

Needs only windows replaced.

 

Problem:

 

She bought it in April under the premise that her and hubby would fix up (add on) on 1/2 acre land. Hubby is a player, not interested. She separated from him, home is in her name.

 

sale price was 399,999 there was an escalation clause (?)

 

She ended up paying 411,000.

She tried to sell for $440,000. Both sales fell through due to financing. Her mortgage is a very hefty $2300 per month.

 

Even in our hot market in Northern VA this is steep.

 

I wanted to do a lp with her but, very afraid I couldnt get enough rent to pay her mortgage.

 

She's stuck and considering renting it for 1500 and paying rest out of pocket.

 

Is there anyway to structure this so I can buy with seller financing, avoid her high payment, and so she can benefit?

 

Please help!!!!

[grannyguru 0]

You don't say what it would appraise for... now and if fixed up, or what needs to be fixed up.

 

If it were refinanced, her payments should be lower.

 

If she can't refinance and there is enough equity, you could take an option and sell it to someone who CAN finance it.

 

If she's thinking of renting it at 1500 and paying the difference out of pocket, then she's lucky and, if she can't sell it for what she owes now, might be able to do so with a lp down the road.

 

Alice

[MichaelC 160]

Some more details would help, as Alice said.

Is there a recent appraisal? What are the terms of her existing financing? What is she willing to offer with seller financing? And, most important, what are your plans with this albatross of a property?

I don't know all the details, of course, but it sounds extremely risky to me to want to be in the middle of a deal on a 2BR, $450K property. That has got to be a tough one to move!