View Single Post
Old 06-14-2015, 12:39 PM
elchivito's Avatar
elchivito elchivito is offline
ĦAy Jodido!
Join Date: Aug 2009
Location: Rancho Disparates
Posts: 4,075
real estate conundrum

Father in law passed away intestate and suddenly two weeks ago. He and I were close friends. Left a house with a mortgage in need of significant repairs to make it salable or rentable. House is 2 hours away in a college town. My wife and her brother are not on the deed or the loan. She talked to the bank and of course they encouraged her to try and sell it.
Had a RE agent friend up there run some numbers and she says if we could find a quick buyer who would take it as is we might come out 6-8K clear after everything's paid off. Trouble is, AZ has a mechanism, paperwork petition thing for next of kin to apply to transfer title to their name but it takes 6 months for approval minimum. Meanwhile the mortgage has to be paid. There goes the in my opinion VERY optimistic 6-8K cash-out.
Another RE friend last night suggested renting it during that period but in the shape it's in right now I'm afraid we'd only be able to rent it to a bunch of college kids or tweekers. Who needs that aggravation?
Not my decision and we're not on the hook for anything but I'm seriously hoping she decides to just hand the keys back to the bank and be done with it.
You're a daisy if you do.
84 Euro 240D 4spd. 220.5k sold
04 Honda Element AWD
1985 F150 XLT 4x4, 351W with 270k miles, hay hauler
1997 Suzuki Sidekick 4x4
1993 Toyota 4wd Pickup 226K and counting
Reply With Quote