Overhaulin'

Land Contract / Quick Sale / Short Sale?

I entered into a land contract to purchase my parent's home about 5 years ago. The contract will be up in 3-4 months. The agreement was for $80,000 and I was new buyer and naive and blindly listened to my father and never questioned him. A few years into the contract I had the house un-officially appraised by a friends sister who is a Realtor. She came up with a value of $26,000-$30,000. This goes inline with the assessment of taxes the county values the house at. I found out the mortgage was so high because my father refinanced his toys, cars, credit cards, etc into one mortgage payment. Now I have the available cash of $60,000 at my disposal, and I want to purchase the house free and clear, but I do not want to pay the entire balance of the mortgage, since I feel my father abused our relationship when I signed the contract. He is also behind 1-2 yrs in back taxes about $5000. I want to offer him $40,000 and I pay off the taxes, or $45,000 and he pays the taxes. What would we have to do for him to do a short sale to the back. If I move out and purchase a different home then he will simply let it go into foreclosure as he lives in another state an does not want to deal with it. The house is not even valued to sell and much much work needs to be done on the house. I want to keep the house since it was my mother's (family's) house, but don't want my Dad to "Screw" me or to make a profit off me. What are my options? House in Battle Creek, MI Thanks

Public Comments

1. etrhfsdfgh
2. Walk away from it. You knew that though, didn't you?