Posted by adam on May 30, 2006 at 13:28:11:
here you would need to be creative. his needs are most important. maybe you can offer x down with wrap note, paying him monthly on balance. you could look into hard money as well. typically giving you 60-75% of arv. (depending on your credit). you could always wholesale it as well.
1st Deal! seller offered terms for price! HELP! - Posted by Blue Heron
Posted by Blue Heron on May 30, 2006 at 12:51:56:
Craftsman converted into 3-unit. Originally left seller vm saying I’m sorry but I can’t make the numbers work. He called me back saying he would work with me. First asked for $450k. Then said no lower than $430k. Can I tie this up if I only qualify for $300k? How do I go about asking him to do that so I don’t either make a fool of myself or compromise my position? Could I possibly get a no-interest first for 18-24 months? Can I get rehab money on top of the first note? Whole house needs $80k to be completely renovated and retrofitted. The house completely renovated would appraise for low 7’s.
Any advice would be very much appreciated.
Thanks for your time.
Blue Heron