Option question for $3M home - Posted by SP in NC

Real Estate Investing
#1

Posted by Dealmaker on May 19, 2006 at 19:28:55:

Find out what the appraised value is & try to tie it up for a discount. You can also negotiate creative terms. This way you have something to offer another buyer. Ask why they’re selling & why it hasn’t sold.

Dealmaker

#2

Option question for $3M home - Posted by SP in NC

Posted by SP in NC on May 19, 2006 at 14:48:22:

Can someone help with ideas on optioning a $3 Million dollar home?

Here’s the details: Home is 15,000 sf, built in 1998, never lived in, listed with several different agencies on and off since new. It is located in a developing suburban area of a major city in NC. It was built, and still owned, by a wealthy family with a household name (no bank involved). It has never been lived in but has been maintained immaculately. Currrently listed for sale again.

There must be some way to option this home and make a huge profit. The questions are: How to deal with/without agent? How to market a property this exclusive?

Note: The surrounding area is booming with homes in the $1 million +/- range, but nothing this large.

Can anyone give suggestions on how to make this a deal?

Thanks.

#3

This hasn’t been advertised - Posted by Clint

Posted by Clint on May 22, 2006 at 07:50:11:

In the Wall Street Journal…has it?

Clint

#4

Re: Option question for $3M home - Posted by John Corey

Posted by John Corey on May 19, 2006 at 15:06:29:

It does not matter that you can option it. It matters that you can eventually sell it. At some level it has been proven that there is no demand for such a property since 1998.

If you do get an option make the option consideration very low and the term very long. You will have a long wait most likely.

John Corey