All Forum Posts by: Dan Biga

got it...thanks Chris...

thank you Will and David for your input...always helpful to learn.

wow, very interesting...thanks again!

Jon - yes, we currently rent it now to a LTR, but rents are so low in the area, which made me inquire about any other possibilities...my guess, is that I'll just have to ride it out and keep taking the loss on my taxes...not really interested in a short sale...but thank you for suggesting...

Chris - interesting suggestion...I guess I could always contact my bank to see if they would be willing to do that...but that's kind of like doing a short sale, which I don't really care to do...

Thanks for the reply Will...I pay the mortgage every month, so that is not the issue...the issue is we bought the condo b'c we had 2 God-children that lived in Gulf Shores, and wanted/needed a place to stay when we would go visit...they have since moved from the area, and therefore we really don't have a need for it any longer, nor really the time as our kids are older and keep us occupied with their own activities...the fact that we happened to buy at the height of the market was simply unfortunate on our part as we attempt to unload it now...but I'm not looking to hand over my responsibilities, I'm looking for LEGAL creative ways to essentially have someone take over my payments...thanks again for your response.

Chris - thank you for sharing...noted.

Nick - I guess that's where I'm confused as to what my options might in fact be...a lease-option might very well do the trick, as your example plays out and does exactly what we need it to...I think the hurdle for me here will be for me to convince her of waiting several years for "option" to kick in...unless there is a way for me to dictate that to her???

Scott - thank you for your reply...I have not thought about that aspect, but did wonder how I (or anyone for that matter) could offer such financing with an upside down property...it's beginning to look at though it can't be done at all, even with a potential buyer being willing to accept the terms?! Any other options you could suggest to accompish mine and the potential buyer's goals???

Thanks Jon...

I have a 2/2 condo in Gulf Shores, AL that I owe right at 250K...the condo is probably currently worth 115K...I have a potential buyer that is interested in me "owner financing" the deal, and she basically take over my payments...yes, she is aware that she will be paying more per month than what she could typically conventionally "buy" for, but she is recently divorced with some credit issues...my question is: how do I structure this deal, knowing that it might take 15 years for the original balance of my loan to come down to meet the appraisal so that she could then qualify for her own conventional loan?

Any advice/suggestions are welcome!!!

Possibly...what kind of investment property are you talking about specifically? Single family home, multi-unit condos???