QUESTION
Is this a legal option if both parties agree to the terms to transfer a home?
Asked on Mar 07th, 2016 on Residential Real Estate - Florida
More details to this question:
Basically, I am currently renting a home and the owner doesn't want to be a landlord and wants out from under the mortgage. I cannot simply purchase the home with any means that I am aware of because the home needs a roof badly. What I am looking to do is be added to his current mortgage, so his homeowners still covers the home, then take out a second mortgage to do the roof then possibly within a year refinance all into one mortgage and remove him from the mortgage. He doesn't want to make any money from the sale, he just wants the debt out of his name.Is something like this possible or should I start looking for another alternative?
1 ANSWER
Holly Cohen
Please do not go on his mortgage without owning the property. Purchase the home by entering into a lease purchase that would give the seller enough money to cover his mortgage and you enough time to establish a good downpayment. Then in a year or two, you can exercise you option and get a mortgage for more than the purchase price and use the additional money for a new roof.
Give me a call to fully discuss.
Sincerely yours,
Holly Cohen
305 891 2810
Answered on Mar 07th, 2016 at 7:37 PM