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Question on taking-over-house-payment offer

March 24th, 2013 | posted by ywilliams

Hi,
How could this situation be handled:
A friend is walking away from her house; she has offered that I take over payments on the house.
How can this be a win-win deal?

Thank you,
ywilliams

On 12:26pm, March 24th, 2013 reinvestor42 said:

see 'subject to' forum

reinvestor42's picture

for info

On 1:58am, March 25th, 2013 ywilliams said:

Where would "subject to" be?

Thank you for your reply, but...
I cannot locate "Subject to" forum. I checked around in Real Estate Forums, but I'm not finding it. I did a search, but maybe I didn't do it correctly, didn't take me to it.
Any additional information would be greatly appreciated.

Thank you.

On 9:52am, March 25th, 2013 reinvestor42 said:

heres link

reinvestor42's picture

http://www.deangraziosi.com/node/10010

On 9:57am, March 26th, 2013 reinaldosmith said:

In case You like the

In case You like the property or think You can have a deal over it buy it. You better have a plan regarding what to do of that property. Know the values well and then offer a deal.
structured settlement buyer

On 19:04pm, April 13th, 2013 ywilliams said:

still not sure what to do

HI,
I'm still sitting on this. I know I need to make a move.
I like the "subject to" way and would like to go with that plan.
I called a real estate investor coach and he said I should buy the property. I told him I'd like to use the existing mortgage in the owner's name, but he said that only works with relatives. But the owner is willing to work with me on this.
I guess my next task is to get comps?
And do a quitclaim deed?

Any help is appreciated.

Thank you. Smiling

On 22:15pm, April 13th, 2013 Valuni said:

Yvonne

Valuni's picture

first thing you need to know are the numbers:
how much is owed on this property? Is owner behind on payments or current? if behind, by how much and how far?
What are the comps? Does the property have equity or is it underwater? How much?

If it has a little or no equity you could do a Lease Option; you find a tenant buyer who can give you an option fee (a deposit) and pay you a monthly 'rent' which will cover the mortgage, insurance, taxes, and some xtra for you; and in two years he/she can get a loan to purchase the property for the agreed upon price when the contract was first signed. (look for kareng threads on L/O on this site and read them; she explains L/O in more detail)

if the property is underwater by a lot, you could refer homeowner to a short sale specialist and get a small referral fee...

good luck!
Valerie

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