One (of five) of the property she owns have mortgages totalling $450K. She is behind on all and the one I am thinking about taking over is worth about $900K-950K according to a mortgage broker friend I have who ran the comps/numbers.
I think we are going to buy her out and have her deed the property over to us. No loans involved, just getting her out with one property not foreclosing on her. We are going to refinance and then sell the place way below market ($750K to $800K) to get it moved. We’re going to do this deal with 4 others to minimize our own risk.
