I would try every form of contact available to reach the sellers, collectively, individually etc.
On the ethical question you can do a few things, help this woman get this house, with $900 a month she could afford a 125k house. No profit in it for you, neccessarily, but some good cosmic karma…
Or, better yet, sit down and discuss it with her, you may be able to work out a joint venture, and split the profits 50/50 or some such… she may not get the house she is in “love” with, but she could possibly get a very nice check to help her find another house she “loves”.
Sure, you won’t make as much profit from the deal, but you’ll be able to sleep at night, and know you helped someone get a bigger check then they are likely to see from working.
I have a few questions that I would like to get everyone’s opinions.
A friend called to tell me one of her employees has been looking in the windows of a vacant house and has fallen in LOVE with it. She told me that this employee found that a company was holding title to the property, but that was as far as she got. I did a search for nameholders and then found the 3 men that formed the company. They are $2300 behind on taxes and purchased the home in 1996. The appreciation in that area has been considerable since then. Comps are now in the $250k-$260k range for recent sales. They paid $125K. I talked a little with the employee and found that she can only afford $900/mo for housing and has very little to put down on a home.
Questions:
What are my options as far as trying to acquire this property? Should I mail a letter to all three men or call them individually?
It seems unethical to swoop in and try to make a deal on this property, considering the employee wants this home for herself, but doesnt realize that she can’t afford it. How do I make this right? Is there a way to make this work for both of us?
If this were a lead that I found on my own, I would probably try a l/o and then retail flip.