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Updated almost 5 years ago on . Most recent reply

User Stats

70
Posts
38
Votes
Dan Ward
  • Real Estate Investor
  • Cabot, AR
38
Votes |
70
Posts

Best way to sell property for what is owed on it....

Dan Ward
  • Real Estate Investor
  • Cabot, AR
Posted

So I have a home that I purchased about 3 years ago. When I purchased it I knew it would eventually be a rental property and I would just move and rent it out. Well now 3 years later I've found the dream home....got approved and am now considering just selling this house at what I owe on it. I don't have much equity at all in it and if I got a realtor involved I would probably break even at best. I do have a neighbor that I believe would be interested in buying it as a rental. What would be the easiest way to sell him the property at whatever I owe on it? is mortgage reassignment a thing? Is this something I would have a lawyer draft up? I figure this has been done many times before....if you have any experience please do share! 

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