Posted by M.Osterman on July 23, 2006 at 09:17:51:
IMHO-To much work for a little pay off. It’s probably overpriced. At best
I’d offer him what he owes and try to sell it myself for $25k over. Good
luck.
Deal or No Deal? - Posted by Alicia HI
Posted by Alicia HI on July 22, 2006 at 16:11:32:
We called a seller on Thursday, who “seemed” like a motivated seller, but here’s the scenario. Seller has a vacant house that he is paying a mortgage on of $2100 and renting in another city (relocated to another city because it’s closer for him to get to work). He was in the process of a sale for $405,000, deal fell out of escrow and now he’s stuck with paying the mortgage and paying rent for the home he lives in. He went down on the sale price to $395,000. His loan is for $350,000.He wants to sell before Jan 7, 2007 because his ARM increases that day. The house is a 3 bedroom, 2 bath home, built in 2005. Rents in that area go about $1700 a month. House was appraised at 420K. Since I’ve never done a deal, I was wondering if their was a way to make this a good deal or should I move on to the next property?
Re: Deal or No Deal? - Posted by tyler
Posted by tyler on July 22, 2006 at 18:26:29:
See if he’d be willing to sell you an Option to Buy by 1/7/07 for say 50 dolla for say $375k…, then go find a buyer to sell that option to…
Re: Deal or No Deal? - Posted by Greg
Posted by Greg on July 23, 2006 at 12:45:23:
Why would the seller go for that? Why would the seller be willing to take their property off the market for such a long time (6 months) when they have a problem NOW and want to sell NOW?
Re: Deal or No Deal? - Posted by Alicia HI
Posted by Alicia HI on July 23, 2006 at 24:37:20:
Thanks…Tyler, I’m going to give it a try.
Re: Deal or No Deal? - Posted by tyler
Posted by tyler on July 23, 2006 at 17:21:35:
greg…, it was just a suggestion on how to do a deal here…, personally the spreads to thin at that price range…
why would he do that??? perhaps motivation…read this line that the questioner posted. “He wants to sell before Jan 7, 2007 because his ARM increases that day.” the closer time comes the more motivation or the ease of knowing he’s locked in a sale…, perhaps.
i was just presenting a possible solution…, not saying its gonna happen. if you’ve been around you know not all deals just fall into your lap.
why don’t you post a possible solution…, afterall thats what the idea is here…possible ways to do the deal.