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 almost 7 years ago,

User Stats

10
Posts
1
Votes
Brian Junkert
  • Longview, WA
1
Votes |
10
Posts

endangered property

Brian Junkert
  • Longview, WA
Posted

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 ?

Loading replies...