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Young Owner (30) inherited the house 7 months ago. Two times she thought she had it closed but the deal fell through at the last minute because the buyer could not get financing.
It’s worth about $120k – $125k
The mortgage balance is is 54,000 and current. Two story 4 bedroom house needs cosmetic repairs only and it Has new HVAC. On one acre and also has a 2500sf metal building on the property.
I have an option for $54,000 and that I will split anything I can sell it for over that 50/50
I’m doing a 1 day open house HIghest Bidder Sale this week to accept offers. I already have one written offer for $60,000 and have private lenders lined up to finance if necessary.
I anticipate that it will sell for about $65,000.
it’s not a big payday but an easy and RISK FREE deal.
I’d rather make less money and do a risk free deal than make more money with more risks.
no private lender was used because I sold with seller financing
when we closed, I bought the house subject to the mortgage balance. I sold at a higher mortgage balance price and it wraps the underlying loan so I’ll get a cash flow.
no payments are made to the seller. she is a serious don’t wanter and just does not want to have to deal with the house or make payments on the house anymore.
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