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Updated almost 4 years ago on . Most recent reply

User Stats

53
Posts
7
Votes
Jay Jonez
  • Real Estate Agent
  • Chesterfield, MI
7
Votes |
53
Posts

Would any creative strategies work for this ?

Jay Jonez
  • Real Estate Agent
  • Chesterfield, MI
Posted

Backstory I have a seller who wants to sell their house for cash. She sick and wants to walk away with at least $15K once everything is over ( wants to sell and move into apartment). There is a mortgage on the property for $63000 with a monthly payment of $696 - PITI . I mentioned trying to take over payments but the issue is the mom and her are on the deed BUT the mom is on the mortgage and wants off.

**Property: ARV: $90K ( being safe there was 1 comp that should for $98K and 1 pending for $95K)

**Repairs:  She explained a bunch of minor things that could be $10K-$15K ( all mechanics have been update and roof within 7 years) The pictures she sent home is definitely livable 

**This property can rent for $1050/ month 

**Mortgage Amount $63000

*Monthly Mortgage payment $696 

Im curious to hear the creative strategies as the cash offer just doesn't make sense here but I want to explore all options 

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