Here is the situation. I live in one of those places where a decent quality home, priced near appraisal sells on the same day and builders are hard pressed to keep up. In other words, one of the strongest growth markets in the country.
I just closed on a beautiful house (4 Bed, 2.5 Bath, 2400 SF, with all the trimmings on 1/4 Acre on a Cul-de-sac, 20 minutes from downtown).
Then our circumstances changed a day after closing and moving there is no longer a great idea. (Doable if nothing else works out, but not ideal).
So here is what I am looking for. A way to exit this property in under two months and walk away, able to close on another in a better location (for me) at a similar price.
The 1st idea, I thought of was to find someone with strong income and a recent horror story on his credit to do some kind of lease option or subject-to sale, with a full assumption of the existing mortgage in a year or two (when both interest rates and property values are projected to be way over what they are now.)
Of course this is Bigger Pockets, so whatever we come up with would have to fit 3 criteria:
#1. It has to be workable.
#2. It has to be ethical.
#3. It has to be legal.
So hit me with your best ideas. Investors in Austin, TX especially.
PS: You read correctly on the Mortgage Assumption. New FHA Loans are assumable.
