I have a single mother who is in the process of going power of sale on a home in a good part of Hamilton... Home is worth 214k according to my realtor (exact range is 214-229k) and the home is in great condition... The boyfriend spent a lot of money on the house including putting in a near furnace in August and updating the kitchen...
The home is 3 bedrooms + 1 in basement (unsure right now about legal status of that) and 2 bathrooms (both 3 piece but could use updating)
The home has a 1st mortgage of $182,000 and a 2nd of $15,000 and there are about $4000 in arrears
It`s a messy situation where the boyfriend got her to buy the house in her name and lived with her for just over a year then started pocketing the mortgage payments and then tried to kick her out to move his ex-wife into the home... The owner is a 20 something single mother and Im not emotionally attached to the deal but I would like to try and help her if the numbers can work. While they did live common-law the seller has a police report where he stated they did not live as a common-law partner.
The strategy I have in mind right now is to ask the owners parents to put $19,000 into the deal to bring the purchase price down to $182,000 which would give us at least $32,000 in equity (minus closing costs)
Ideally I would like to do a lease option here but I do not know enough about them in Canada to take a chance on them
The home is 3 bedrooms + 1 in basement (unsure right now about legal status of that) and 2 bathrooms (both 3 piece but could use updating)
The home has a 1st mortgage of $182,000 and a 2nd of $15,000 and there are about $4000 in arrears
It`s a messy situation where the boyfriend got her to buy the house in her name and lived with her for just over a year then started pocketing the mortgage payments and then tried to kick her out to move his ex-wife into the home... The owner is a 20 something single mother and Im not emotionally attached to the deal but I would like to try and help her if the numbers can work. While they did live common-law the seller has a police report where he stated they did not live as a common-law partner.
The strategy I have in mind right now is to ask the owners parents to put $19,000 into the deal to bring the purchase price down to $182,000 which would give us at least $32,000 in equity (minus closing costs)
Ideally I would like to do a lease option here but I do not know enough about them in Canada to take a chance on them