New deal - Posted by Rusty

Posted by nate baker on November 30, 2004 at 13:00:27:

they don’t seem too motivated if they want 71K for a 75K house. You could offer them some cash up front, pay the remaining of their equity on a monthly basis, and take over their existing mortgage. Just make sure you can lease option or rent it to someone else at more than what you are forking out.

New deal - Posted by Rusty

Posted by Rusty on November 30, 2004 at 12:44:29:

I am a newbee looking to buy a house. One of the deals I am looking at is a house and the value is around $75,000. The balance on their mortgage is $46,000 and they told me that they were OK doing a Sub 2 deal, but they wanted $71,000 for the house and they would like the difference in cash. I offered to take over the mortgage and give them $9,000 in cash. They would not take the deal. Any ideas on how to structure this to make it work. The sellers are motivated, but I really want a better deal and I don’t want to tie up that much of my cash. Any help would be greatly appreciated. Thanks

Re: New deal - Posted by John-Fl

Posted by John-Fl on November 30, 2004 at 14:24:59:

Here’s what I would do.

I would tell them they’d get less than that if they sold for full price through a Realtor and had to pay commissions and closing costs.

Offer them a couple grand for their equity and the satisfaction of not having to deal with selling the house and saving them time.

If they say no… so what? Put their name on a piece of paper somewhere that you know you’ll lose it and if you find it in a month or two call them up to see if they sold it. If not pitch the same offer again.

Not a good deal… - Posted by Jason L.

Posted by Jason L. on November 30, 2004 at 13:01:22:

Nope, no deal. Don’t waste one more minute of your time on these folks. Apparantly these sellers aren’t motivated enough. Call them back in a couple of months(if they don’t call you first)and see if they’re still interested in doing the deal on YOUR terms.