I hope this is the right place to put this but I need help structuring a deal.
We have a property that is valued at 340,000 and the seller is in default
so he is selling for what he owes 230,000.
My sister has great scores of mid 723. She wants to buy and live in the house for about
3 to 4 yrs then sell when market rebounds.
Question is she wants to take money out at closing. Right now the interest rates are so good she wants to take out a 30 yr fixed. One option we have is close now and refi about 6 months later but the problem is rates might start going back up then. Another someone just gave us is for us to talk to the seller and put a lien on the property( in a llc name) so it will be like selling for full price but actually a lien of about 42,000 so that way we have the 42,000 and still 20% equity. This is in texas btw. Any ideas and advise please???
have her buy it and immediately secure a credit line against it after closing. Check with your local lenders to see what products are out there