Nice story, but no numbers. Yes, now you have given us the reason you feel that the seller is motivated, but not HOW motivated.
What does the seller owe?
What does the seller want for the property?
How much differed maintenance and what will it cost?
What do you want to pay for the property?
What do you intend to do with the property, live in it, flip it, or keep it as a rental?
Based on what little information you have given us, the good news is, if the seller is as motivated as you have just indicated, chances are that they will be willing to carry paper giving you terms and conditions, allowing you to do the deal with little or no money down.
We need more info to know if you have a deal. Mean while Good Luck with the deal, I hope it works out for you.
My wife’s cousin and her husband own a 35-year-old split level on a corner lot -3,600 sq. ft. Water (bay) view in an area with $450k and up houses. They’re the original owners and hold title. House is in good condition but could use some touch-up work on the exterior.
They’ve been renting the place out to two tenants: one on the basement level, which functions as its own apartment with separate entrance and the other tenant is on the ground floor level (since Aug. 2000.) 5 bedrooms, 3 bathrooms all together.
Tenant on the ground floor has been spotty on payment but the owners let it slide and were doing a lease-option. Now it’s just a straight lease. Tenant owes more than $8k in back payments and has a September deadline to pay off that debt. Recent payments have been timelier.
Bottom line, it’s been a hassle for the owners who just want to have cash flow for their retirement but don’t want the management and maintanance headaches. We’re meeting with the owners next week to have a look inside.
My wife and I are intersted but have very low cash reserves ourselves. Wondering if a real estate contract or deed could be arranged.
What would it take for a win/win here? My wife and I get the house, the owners get their cash?
Re: Motivated seller; now what? - Posted by Michael Chapple
Posted by Michael Chapple on September 27, 2004 at 22:15:48:
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