Need Help With The Transaction
I have a motivated seller that has a mortgage on the property for $110,000. I originally approached them with a LO and they came back saying they had to have a sale or pay capital gain taxes.
The house needs interior painting and new cartet wouldn't hurt either. They're willing to take $5,000 but I think I can give them $2500.
It's a single family home about 9 yrs old, probably worth $125K, they're asking $137,500 which is way out of line.
They have been renting the property out for several years.
My objective is to get control of property so I can LO to tenant buyer.
I thought about having them sign a Warranty Deed that would transfer title to my LLC. Then have a separate agreement between them and the LLC to assume existing financing. Obviously I don't want to trigger the due on sale clause.
I'm really in need of direction on the best way to approach this. I pulled up a Warranty Deed subject to Debt form but it states "grantee has not hereby assumed" liens(s) currently filed in ........... I'm probably totally off target so I would appreciate your recommendations on how to make this transaction happen.
Thank you
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