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Berwick : Real Estate Advice

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  • Local Info1
  • Home Buying5
  • Home Selling0
  • Market Conditions0

Activity 8
Wed Jul 20, 2016
June Buerkle answered:
Am missing some details about the house condition and whether it is in a neighborhood that is declining in value or if it is appreciating in value. (So , I have to assume the house is worth buying and will increase in value over time.)

Also, does your mother own the house free and clear or have a mortgage? (you mentioned seller equity sitting you at 66% but didn't say if someone was cashing out on this deal)

You probably do NOT want your sons names on the deed. The best Financial move probably involves keeping the house in your mother's name and her leaving the house to a family member when she passes .... this will avoid ten's of thousands .... in income taxes. (Not to mention in most areas senior owners qualify for additional annual homestead exemptions.)

If your mother wants cash out and owns it free and clear ... have the son pay his grandmother a "mortgage" payment each month. This will allow grandma to get money out without having to change the paperwork and save on buyer and seller paperwork and excessive interest (Just a change to the Will).

If she currently has a mortgage ... Sonny can pay the money to grandma (or even just start writing the checks to the lender). Just leave the paperwork in her name. She would free up money by not using her $ to pay the mortgage and if she needs money faster ... he can pay grandma some money above just the mortgage payment.
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Thu Jan 16, 2014
bpost173 asked:
Sat Nov 16, 2013
Ruth A. Killian asked:
Mon Feb 25, 2013
John Juarez answered:
What do you mean you “viewed the property today”? With whom and why are you not asking your questions to that person?
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Mon Feb 20, 2012
Don Tepper answered:
Impossible to say. You'd have to ask.

However, from my experience, many mobile home sellers (even a greater proportion than "stick built home" sellers) want/need all cash. So lease-option opportunities with mobile homes tend to be more difficult to find. Still, the only way to know is to ask.

One tip: Mobile home sellers tend to be a LOT more flexible on price than other sellers if you can offer cash. Example: I've seen plenty of mobile homes sold for 50%-60% of the asking price, even when the asking price was fairly reasonable. If you have some cash--or a relative or friend with some cash--make an offer. Even a low offer. You might be surprised at the result.

Hope that helps.
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Sun Oct 14, 2007
Christopher Walker answered:
The Secretary of State's office in your state will typically have this information and sale dates listed. You can also scrounge around the web for the information. Most of the sites are come ons and offer you something that you can find for free all by yourself. Be very cautious when purchasing at these sales as it is YOUR responsibility to perform your due diligence. Looking at a plat map or aerial photo will tell you NOTHING! Visit any property that you are considering unless you have the money to lose. ... more
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