Home value way under Mortgage

[Cody Marck]

Hello all, My parents own a home in New Richmond Ohio (in town) and owe almost 90,000 dollars on the mortgage after multiple cash out refinancing. What advice can I give them? The market there is red hot and I want to convince them to sell to a flipper but I’m not sure how to begin. If anyone has advice thanks for all support! 

[John Clark]

Quote from @Cody Marck:

Hello all, My parents own a home in New Richmond Ohio (in town) and owe almost 90,000 dollars on the mortgage after multiple cash out refinancing. What advice can I give them?

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Your post doesn't make any sense. Your heading is that the home's value is way under the value of the mortgage, and the balance of the mortgage is circa $90,000.

So your folks are under water by some unknown amount. That means they have to bring money to the table to close. No one, flipper or otherwise, would buy under such circumstances otherwise. It would be a rare situation where cosmetic repairs would take a house from under water to substantial equity. In that case your folks could fix and sell.

What are the terms of their mortgage? Low fixed interest rate? High variable rate? What did they do with the money?

[Jordan Fiore]

There are a lot of variables that go into this to find out the best options for your family. The beginning stages would be to get in touch with a real estate agent to get their opinion on the property and price. That way you know exactly how much the property may sell for and go from there.