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Updated over 2 years ago on . Most recent reply

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10
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Cole Soreano
2
Votes |
10
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Ideas for creative financing; widow with distressed home

Cole Soreano
Posted

Hi yall

I am trying to find a creative solution to close the deal on a property in my area. Quick backstory, the owner is a widow who has no children or immediate family to speak of. The house is approximately 3500 sq ft, with detached four bay garage on a .66 acre lot within the city limits. I have developed a relationship with her over the last year so we are fairly close with her. The challenge I am running into is coming to a number that she is agreeable to. The house itself is in need of some rehab, but the number she is thinking reflects a house in better condition. To add to that, the owner is on the deed, but a family friend paid off the mortgage (250k) due to losing the house to pay for medical expenses several years prior. Lastly, she does not know where she wants to go after selling. Any ideas would greatly appreciated

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