I have a complicated situation and real estate newb here, so please don't mind the LONG post.
My mom and her boyfriend at the time bought a brand new condo together in Southern California. The loan is in his name, but the title is under both their names. After they broke up, he just wants to sell his house ASAP. The condo entered escrow a couple days ago.
I just found out about all this, and I'm trying to figure out if there's any way to exit short sale escrow, and buy the house from them. To help explain the situation, here are some numbers:
Amount on loan: $278,000
Escrow Price: $270,000
Location: Ontario, California
Price of house next door for sale: $300,000 (Same size condo and lot, one less bedroom, less upgrades throughout the hosue)
My plan so far is to my moms ex-boyfriend $5000-$8000 to exit escrow since he will not profit at all from the short sale. Then take over the loan, rent out the house for a year or so, let appreciate in this booming market, then sell it or refinance it into my name.
Can they exit escrow? If so, can this deal work out somehow?
Sorry again for the super long post, and my sideways profile picture. Thanks in advance!
