(NOTE: There was a meth lab in a condo building I used to live in and the firemen and DEA guys tore the walls and floor up with axes to find lots of little secrets hiding)

I figure if when someone dies there may be a good chance that the property will go back to the bank because the party who may inherit it wont be able to make the remaining payments or taxes.

BTW - I'm keeping the post up as per the request of the original author (he'd like the proof to remain for a while - I think I can guess why!)

Keep in mind that if they trash the house after losing it, I actually don't keep my end of the dea either.

The last then I always do now istry to encapsulate any remaining mold with a good quality primer like Zinsser Bullseye 123.

A judge can order one party or the other off the title but he can't alter the loan.The net-net is one moves out but both remain legally responsible for the performance of the note until the property is sold or refinanced.There is no requirement you alter the lease to remove him.

Big Pockets:Down Payment: $670KDown payment fee: $101KTotal: $771KSeller's remaining amount:$2.512MSince the seller only wanted $2.475M, that leaves $37K that could go to the buyer and still leave the seller with what they wanted.The buyer's on the hook only for the $2.68M loan.

if real estate investing is your main business then i would go for option 1 as that yields more free cash flow by virtue of putting you in a position to buy another property with the remaining cash.however, if your looking for a safe place to put money that you want to get some return out of then id go for option 2.my grandfather would always go for option 2. he says "if you need a mortgage, then you cant afford it". believe it or not, that has worked quite well for him.

For example, if the mortgage balance was $520K, then you would need to do a short sale or have the homeowner come with the additional $100K at closing to pay off the remaining mortgage balance.

You'd have to come up with the remaining $60K if you wanted to go through with the purchase.More realistically, you would go back to the sell and say "I'll only pay $100K".The "value" the bank will use for a purchase money mortgage (a mortgage used to buy a property as opposed to refinancing) will be the lower of the purchase price and the appraised value.