Skip to main content

Short sell offer from a close family friend

I recently recieved an offer from a friend that is 3 months behind on her morgage payments to transfer the home over to me since she can no longer keep up with her monthly balance. The value of the house that she bought it at is around $320,000 and located in a nice area with no HOA. The current market value of the house according to zillow is $380,000-$460,000. The current balance that she owes for the morgage is $275,000 but she is also asking for a $40,000. I have went to go look at the house and it is pretty well taken care of, the paint has just been redone, the only thing needing work is replacing most of the carpet and an AC unit is down so the projected rennovation cost should be no more than $15,000. Not sure how the process works since this will be my first home purchase (not sure if it's even possible) but an appointment is set to speak to her lender to see if that balance can transfer over to me so I can take ownership of the house. I have $20,000 cash and my parents are planning on helping me with the rest, since I probably won't be approved for the home loan if I take out another loan for the rest of down payment. Is fixing up the house and selling it for profit a smart course of action? Again I'm new to all of this so any tips will be greatly appreciated! Thanks!

submitted by /u/Ulisses_Jr_C
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1b7u383/short_sell_offer_from_a_close_family_friend/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more