How do I solicit a transfer of home ownership? or find potential investors?

Question

We brought a second 3 bedroom home in a good neighborhood in San Leandro,CA about 2 yrs ago. After a series of family crisis we decided that our real estate investments just took up more time and money than our family can afford. We have a renter in the property and aren't willing to sell the property without the renter occupying the property; limiting the renovations we can do to prepare the property to sell.

Can anyone help with informaiton on a TRANSFER of ownership? With 2 years of equity in this market; such a slim margin of profit makes selling threw a realtor too pricey and like I mention before we can only do minimal updates. We just want the freedom to spend time with family and travel. We'd be looking for someone to assume or loan and will not consider a transfer that keeps the property in our name. Does anyone know of investment groups in good standing with BBB? Or operating legally capable of handling ownership transfers?

Answer 1

You say you don't have the equity to sell to an end user though a Realtor.... then do you have enough equity that an investor will be willing to buy it?

For someone to assume the loan, rather than get a new loan today, the interest rate must be worth it, and it needs to be a fixed rate. Make sure that if someone offers to have you "transfer" the ownership to them, that they either get a new loan or actually qualify through your mortgage company to assume your loan and that you get a release of liability.

If you don't have enough equity for this, then rent it out to people with good credit until you do have the equity.