Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 9 years ago,
Help Save My Deal - Loan and Deed Names Different
Hey forum,
I am not versed in this situation and am looking for some quick options to close a deal here....
Property X has a mortgage balance of $75,000 in the name of the Husband.
Property X has a quit claim deed in the name of the Sister of the Wife (deceased).
Background details are like this...
Husband and Wife divorced. Husband quit claim deeded the property over to Wife. Wife has clause to remove Husband from loan within 2 years. Wife passes away within the 2 year span and quit claim deeds the property to here sister.
Sister and Husband are not on great terms. Sister is waiting for Husband to pay it off, which of course would leave her the sole owner.
BEFORE I go to the Sister, I wanted to get my best approach in order.
There is always the option of simply offering cash to satisfy the loan and also take care of the Sister. Example: Cash offer of $85,000. Covers the $75,000 balance and leaves $10,000 for Sister to walk away with.
I'd like to be creative here and explore other methods of acquisition. Any thoughts?