Everyone else pretty much covered the basis- I would have a heart to heart with your mother- in law. See if you can work this out before it ends up in foreclosure. It would seem better to sell and pay her off and take the value out rather than let it end up foreclosing and damaging your credit- of course I would consult a real estate atty as well. Would be happy to recommend one if needed. www.TaraDavoli.com... more
As many agents have already said, this plan is highly discouraged for a number of reasons.
In my opinion, the best option available to you is to make the cosmetic repairs necessary- on credit, if you must- to find renters which can help you achieve a decent renting price for the area, and cover the mortgage on the property.... more
Pending means that a contract for the sale of the property has been accepted by the seller. There is a period of time between the acceptance of a contract and the actual closing of the sale. In this time period, inspections, appraisals, repairs, title work and mortgage confirmations are made. Upon completion of these items, the property can close under the terms of the contract. The seller may accept back up offers but they cannot drop the first contract to accept another. If the first contract has a problem and cannot close for any reason, then back up contracts would become viable.... more