107 Cedar St, Colerain: A Current Mortgage and Two Homes to Carry

Closed: May 19, 2023

The owner of 107 Cedar St had already bought a replacement home and was carrying two mortgages. The Colerain property had been on the market for months. It was generally in good condition, with minor repairs and cleanup needed.

The loan was current, but the numbers were tight

A prior refinance and cash-out had increased the mortgage balance. Commissions and closing costs constrained the economics of a conventional sale. The issue was limited room after selling costs, rather than missed mortgage payments or severe property damage.

A purchase using existing financing

The transaction closed on May 19, 2023, using existing financing. The buyer carried payments and bills, completed needed work and later resold the property. Those steps describe this transaction; they do not establish automatic borrower release or a guaranteed payoff date.

Property photos

What this example shows

A current mortgage and a well-kept home do not guarantee an easy conventional sale. The seller’s two-home carrying costs, financing and moving plans all mattered when considering a workable alternative.

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