You must be logged in to reply to this topic.
-
My sister has been marketing a her vacant [no mortgage] property for almost two years. A lady who has money but is going through a divorce wants to lease/purchase the property to keep her asset out of her ex-husband’s reach. It was originally marketed at $829,000 and is now listed below it’s actual value at $700,000. My sister is thinking to offer:
Lease: $5,500 a month with $500 off price.
Purchase Price: $700,000
Down: $35,000-$70,000
Purchase in 12-24 months.Her taxes and insurance are around $1000 a month.
By the way, I have some cash into the property.
.
Jim, doing things to avoid financial consequences while in anticipation of a court decision can be dicey. — especially as the court event becomes nearer and nearer in time. Your sister might be wise to ask a knowledgeable attorney if what her prospective buyer is doing might run afoul of what’s called fraudulent conveyance. I can’t be sure; I’m certainly not current with such rules. But the possibility of that deal being overturned by the divorce judge is something your sister probably wants to rule out before going forward on this.–Dee
You must be logged in to reply to this topic.
