Help On Setting Up Rent To Own Sfh
Hello all,
I am looking at doing a rent to own on the property that i currently live in to buy another home. What is the correct way to handle this to make sure I caover my basis? Thanks in advance!
The rest of the numbers:
FMV: $295,000 (2 recent appraisals)
1st Mortgage: $208,000 - $1278/month
2nd Mortgage: $59,000 - $472/month
Again - seller is 2 months behind and planning on filing bankruptcy in the future. Seller is willing to hand over property for what they owe. So there is about $30K in equity here with the current numbers.
So my questions for you pros:
- Try to nego a Forbearance?
- Try to short the 1st or 2nd?
- Subj2 or Short ?
- pass?
thanks again!