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

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

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...
Post a Comment
Read more