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Updated almost 7 years ago,
endangered property
I have a property in Alaska, that I am behind on taxes on, not yet to the point of tax foreclosure, but no way to pay the taxxes in the forseeable future. My mother is behind on payments buying the adjacent property. I have a buyer who is very interested in buying the property, I had discussed selling the property to her at about 60% of its assessed value. Thinking this should be a quick deal. Her most recient contact with me was about owner financing. I'm trying to get into a home in Washington state, which I can make changes to, to make it handicapped accessable for my mother. The buyer has informed me that she is having trouble getting financing to buy the property. I Really need to walk away from this with $55k that was the discussed purchase price (when I thought they would be cashing me out). The property assessment in 2015 was around $89k, but the property needs some cleanup done, if I had stayed in Alaska longer I would have done this cleanup myself, and went for about $70k for a quick sale, but we moved due to my parents health concerns before I could do that. Now we havent got the resources to get the taxxes and payments made, so are likely going to loose the property unless I can find a way to get out. Anyone know a solution for this kind of problem. There is about $14k total owed (payments and taxxes). this was going to come out of the $55k, and with the remainder I had planned to try and get a loan to buy a house with about $30k down, and spending about $7k on the renovations to make it handicapped accessable. The best thing I would like to see is for someone to finance the purchase for this woman, and cash me out for $55k, taking her payments for the $55k+interest. what is this kind of deal called ?