Posted by David Garcia on February 11, 2002 at 23:03:35:
I recommend that you sign an option to buy that home w/ the contingency that you can get a buyer qualified. Now, if you get a buyer qualified, you sell it to him for full value.
I work with lenders that approve bad credit buyers, so you can advertise “bad credit o.k.” in your ad & send them to me. I in turn will send them to my lenders, once the buyers approved, we go to closing w/ our deal
Hope I can work w/ you in this deal.
$300k deal need help - Posted by Mike in TN
Posted by Mike in TN on February 11, 2002 at 14:41:55:
i just got a call from a lady that is living in florida and has a house here in Tennessee. She says the house appraised for $304k. Her bottom price is $275k (i talked her down from $299k). the house is listed right now and it’s being rented out. she just wants to cash out. i talked to her about owner financing and L/O; she said no. she would consider an option for the $275k. i was wondering if there is any other way to get a deal out of this house.
any help would be appreciated.
thank you in advance
Re: $300k deal need help - Posted by Buddy
Posted by Buddy on February 11, 2002 at 21:33:24:
How is 275K a deal for you? That is the question you must ask yourself. If she is asking 299K and has no buyers, how can you buy it at 275K, pay closing and carrying costs, and re-market it without doing any work to it and even break even…the answer is…you cannot do it. Will the house bring substantially more if you spend a few bucks on it?? If so, you have to figure those costs out. If not, the top dollar I would pay is around 200K…I know, it sounds low, but believe me it is’nt. This would allow you to sell it below market (that is if 299K is really market value, and we all know it is’nt), pay a real estate commission if you had to and still make a few bucks on the deal.
Market Activity? - Posted by NCPaul
Posted by NCPaul on February 11, 2002 at 21:31:33:
How is the market there? Can you move this house quickly for a flip of some sort? I wouldn’t recommend holding it and trying to get $ long term but a flip could put some $ your way quick if you have a buyer. On the bright side, the new FHA policy I heard about doesn’t have any affect on this deal since it’s a bit outside the FHA loan limit!
Good Luck