Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
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,

User Stats

230
Posts
69
Votes
Dennis Pressey Jr
  • Specialist
  • Philadelphia, PA
69
Votes |
230
Posts

Help Save My Deal - Loan and Deed Names Different

Dennis Pressey Jr
  • Specialist
  • Philadelphia, PA
Posted

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?

Loading replies...