OfflineMy friend is monving to GA from MA Dorchester specifically. She wants to sell it for 135, with a 10K refund to compensate for the 700/mo HOA assessment for "roofing".
I don't know if I qualify creditwise but was going to find outabout at VA loan. My concern is migh not have the good enough credit.
She has told me that her hot button is having at least 10K with her, when she leaves. I think I an swing that.
How do I structure the deal for a win win? I was thinking lease options; pay her a lumpsum and then pay her over time.
What other ways could I meet what she needs as welll as ehat I need.
Thanks , Henk
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with a lease option most of the monthly payment is considered 'rent' and a small portion will be applied to closing costs once the lease option term is due; then you will have to get a loan from a bank...
If your friend is willing to finance it, that may be another way for you to buy it; your friend earns the interest, you get the property, and the monthly payment will include both interest and principal: a win/win
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Valerie
Valerie
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All I can do is make it as simple as possible for her amd to offer it to her. We have been friends for almost 40 years. Dont know why this is so difficult for me?
More info, she is 3 months behind in her condo association fees, and one month behind in the mortgage. So I would offer to bring her up to date on all of that which adds up to about 8K. And she wants about 10K to move to Georgia.
Thinking to myself I have to structure it so that she gets enough money to move and how I can assume her mortgage.
The mortgage now is about 600/mo and the condo assoc is an astronomical to me 700/mo!
Guess I need help figuring our first of all if it is even worth it. the comps in the area are 140 - 160. and she bought it ten years ago at 225. She owes the bank 60K.
What else do I need to know before I pull the trigger?
should not expect a bailout from you because she (not you) made a lifestyle mistake. You can take over her mortgage and bring things current but how about just giving her $5,000 for Georgia? 2,500? In this market, getting her out of her arrearage situation and saving her credit may be enough. I know I would probably only take over her obligations and give her $1,000 max to move. Also, get control of the title on the deed by using a subject "to" purchase or use a land trust. You don't want her to mess up your plans by going bankrupt down the road.
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