Noob Has Deal. Now What? - Posted by Frank

Posted by Frank on May 01, 2007 at 05:16:49:

The loan is current. Payments are approx $2K/mo PITI, in an area where it would rent for around $1,100. She’s moved across the state and needs to sell because the payments are hurting her.

Noob Has Deal. Now What? - Posted by Frank

Posted by Frank on April 30, 2007 at 09:40:46:

Hi, all. I’m hoping I can get some help from the braintrust on the board here.
Homeowner contacted me with a property she doesn’t want. The bottom line is she’ll give me a Pure Option on it for what she owes, approx $209K. My market analysis shows a FMV around $240K.
South Florida location, buyers market. Is there enough meat on these bones to pursue this? If so, what would the experienced here do to expedite finding my buyer?
I’m new at this, scared and excited at the same time. Your help is much appreciated. Thank you!

Re: Noob Has Deal. Now What? - Posted by Rich-CA

Posted by Rich-CA on April 30, 2007 at 22:30:38:

Its a little thin. Even if you sell it right away, assuming use of Realtors, you would spend $12,000 on commissions, plus around $4,000 if you get a mortgage, which means you need $16,000 difference just to have the transaction.

Re: Noob Has Deal. Now What? - Posted by lukeNC

Posted by lukeNC on April 30, 2007 at 20:27:50:

A motivated seller willing to let you just take it and do whatever? Those are the ones to work with.

If the loan(s) is in default, I’d be pushing that loan down, see if they take 85 cents on the dollar, around $177k.

If so, flip it someone else and take about $10k or so for your trouble.

Re: Noob Has Deal. Now What? - Posted by Frank

Posted by Frank on May 01, 2007 at 05:20:10:

Rich, I wouldn’t consider using a Realtor. As you say, $12K or more on commissions makes that all but impossible. And I have no intention of obtaining financing. My preference would be to assign my Option, or find a buyer and release my lien at closing for the difference between my option price and what I am able to sell it for.
My big concern is finding buyers. Marketing suggestions?