Original message
| wgreau
  |  "Would like some suggestions, please...."
, Fri 19 Jan 16:18 
This will be long, sorry!
Talked with a lady today that was deeded the home when her husband passed-on. To appease her stepson & his wife because they were left nothing, she put their names on the deed at the same time. They all lived their for about 3 years until she moved out due to the harrassment they were giving her. She bought a condo this past June. Starting July the step-kids have not made any of the payments and she had a court hearing that resulted in their signing a Quit-Claim Deed today. I went up and witnessed their signatures and looked the place over.
Court records show assessed valuation at $310,900, taxes are current until 1/2 yr are due in February ($2166.39. She said it was appraised a yr or so ago at $300,000 and the balance due now is $220,278.49 plus late fees,etc. Mortgage was for $225,000 in May/98 @7.25%. She wants to get $50,000 out of it to cover past due and other debts incurred due to moving out. I believe the property would justify a sales price of $320,000. Comp's in that area are all over the place, however the area in general supports homes in that and higher ranges.
Numerous were shown at $320,000 and higher. The problem is this house is very unique in that it started from an A frame and was added onto over a 7 yr period with high quality windows, flooring, woodwork, tile, etc. So, I feel safe with $320,000
Monthly P&I runs @ $1534.90 and T&I run about $470.00 which are combined with payment to lender at about $2,005....she couldn't verify but courthouse records would tend to agree.
I feel I cannot pursue this "subject to" for several reasons, one of which is her attorney. I could possibly get her to agree to a Land Contract with her getting the bulk of the down payment, paying the arrearages, and then taking part of the monthly spread...but that doesn't give me much except the covering of my expenses and part of the monthly spread, until such time as I can get the new buyers refinanced.
My request for help here is some ideas on how to present a couple offers that make sense for both of us. I have gotten myself into a confused state....mumble,mumble,mumble......
William Columbus OH
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Replies:
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| | wgreau
| "Re(2):Would like some suggestions, please...." , Sat 20 Jan 00:42
Chuck: Thanks for responding. My major concern is being able to sell the property quickly, both for her sake and for mine.
While I believe Seller Financing is the fastest way to sell, waiting for the major payout is a concern. I will get an answer from my higher power if I just relax and trust that it will come.
If I don't get it...then I will just make my offer with a clause that gives me an out and allows her the opportunity to try something else.
William Columbus OH
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