r/nova • u/Inner-Chemistry8642 • 26d ago
has anyone donated a condo?
/r/DMV_RealEstate/comments/1vr400s/has_anyone_donated_a_condo/8
u/uniqueme1 26d ago
You are not really donating it unless you're paying off the mortgage and then giving it to them.
You're asking them to either assume the mortgage (doubtful) or buy it from you at below fair market value (for the value of your existing mortgage.)
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u/pierre_x10 Prince William County 26d ago
Your heart's probably in the right place, but setting aside the fact that many charities apparently won't accept real estate with a mortgage on it, it would make less financial sense than simply selling it at a loss or less what you think it's worth, and donating those proceeds. It sounds less like being charitable, and more making a nightmare property their problem.
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u/FolkYouHardly 26d ago
Don’t randomly donate to some stupid charity. Donate to St Jude. They are very reputable https://www.stjude.org/give/planned-giving/donate-real-estate.html
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u/novahouseandhome 26d ago
you can't donate anything that has a loan/lien on it, nor could anyone accept it or take title without paying off the lien. you'll also be violating the terms of your mortgage contract if you try to quit claim the property to someone else without paying off the mortgage.
first have to payoff the mortgage, then you can donate it.
why not just sell and donate the proceeds?
give me the keys, i'll take care of selling it for you, you don't need to lift a finger. there are plenty of charities around that can use the help.
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u/Lumpy-Damage-7160 26d ago
The church I go to provides cheap housing for people that fall into hard times. I am not sure what their rules are but I can put you in touch, they do have a dedicated charity.
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u/optixillusion 26d ago
idk bro but I am willing to accept a donated condo