The sellers of this property were faced with an untimely relocation out of state and were upside down on the home. I managed to work with the lender on a reduced payoff of the existing mortgage. Fortunately, they were easy to work with.
We received a cash offer of $50,000 in November but the buyers disengaged by January due to a lack of funds. In February we received an offer of $60,000 from an owner-occupant buyer. The seller's lender quickly accepted the terms and we moved forward to closing.
The buyer used FHA financing to acquire the home so the seller agreed to give permission to the buyer to make all necessary repairs. In this case, the home and garage needed new trim paint which the buyer dutifully completed. Congrats to both buyer and seller.
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