URGENT HELP: Is Subject To A Good Option For This One?
A SF in Southern Cal. FMV 550K. 1th 21K, 2nd 171K. Seller has purchased a mobile home and a nice car b/f escrow closed. Escrow felt off. Seller missed some payments. The house needs minor rehab around $10-$20K.
Questions:
1) There are 2 people in the deed: mother and daugther. The daughter is hard to work with. Is there anyway we can ask the daughter to give the mother "Power Attorney" and let the mom handles this matter, including signing the deed? Or do we need both signatures?
2) Is subject to the right choice?
3) Or should we try short sale?
4) Can we do split equity with the sellers since sellers need money to pay their new mobile home and car?
Thx.
Actually 21K is the correct amount for the first. She has more than 200K equity. Thx.
A short sale is not something that would work here (in my opinion) because there is about 50% equity in the property.
A subject to would be a definite possibility depending on how much money the sellers wanted to sign the deed.