Business Q&A

The man is feeling like to trade his house and 3 acres to us, for exactly the payoff amount on his loan-(Whenever we’re in position to stop leasing it, and in truth purchase it- in attendance’s no time frame within which we hold to do this) he newly desires out from below it- sounds approaching other, right? (Keep surrounded by mind, he salaried smaller quantity than $70k for the curtailed house/land) All we have to do be ensnare up the payments (about $1500) But, after doing some research, we’ve found that he’s get a few liens against the house- totaling up to around $16,000. So, presently, we’re already living here, paying singular the exact mortgage transfer of funds (to the mortgage company directly), but the house isn’t completely finished- it still wants tons of work. So I guess what I’m asking is given matching circumstances, what would you do? He can’t afford to foot bad the liens, and we can’t afford to save pouring money into a house that isn’t ours. I love this house, and location- it’s get so much potential, and already have great equity built up…

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Well, why don’t you buy the house from him in a minute? You can bring back a mortgage for the amount owed on the property (including the liens because you’d want a title insurance policy and earlier one can be issued, guaranteeing the title to the property, adjectives liens would enjoy to be rewarded off).

Then, the property can be deeded to you. Go through an escrow company so you can form sure everything is done right.

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Get an appraisal or 2 or 3. You read aloud he with the sole purpose requests what he have contained by it, so $70k +$16k liens = $86k. What is the property worth? If its other and you can swing it; shift for it. When you close the title company will do a survey and find if within are any extra liens, but Im guessing he requirements to be free and clear of adjectives debt so you will hold to cover the liens.
Maybe you can use the lien costs as move from side to side room on the price of $70k?

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