a little different seller - Posted by AWWMi.

Real Estate Investing
#1

Posted by AWWMi. on February 12, 2001 at 22:26:20:

but I found out I didn’t stand a chance! That house was sold BEFORE it ever hit the MLS Listing. The probate court was P.O’d to say the least. Don’t know if they’ll push the issue with the real estate commitee or not. No wonder this realtor stonewalled me for 2 days prior! If the 5 acres that came with the house was splitable, the deal would have easily fetched $45,000 in profits. One consolation is this. The gentleman that bought the place lived 2 houses up the road and had been keeping his eye on the property since last October. He just wanted it to live in and is supposedly going to keep the acreage. Easy come easy go.

#2

a little different seller - Posted by AWWMi.

Posted by AWWMi. on February 09, 2001 at 11:50:57:

I have another property I’m working on. The listing agent is an older fella (no insult intended) so I’m trying to follow his line of reason. He gave me this CONFIDENTIAL (is it really?) information on the property… The house was professionally appraised “as is” for $118,000. Now get this, the lowball is supposed to be $125,000!? What did I miss here? It is a private listing. The potentials are as follows: The house will value at $165,000 after $25,000 in repairs. If bought at the lowball price of 125 plus 25 in repairs = 150 from 165 potential leaves 15 less (holding, marketing, closing, etc.) everything leaves maybe $8000 profit. Huh? How would you approach this gurus?
thanks

#3

Re: a little different seller - Posted by dewCO

Posted by dewCO on February 10, 2001 at 10:56:38:

Don’t know you can taek anything this agent says at face value. You need to know what the property worth, don’t go by what he says. He already sounds sleazy or senile. Then make your offer according to what works for you, or what problem the seller needs solved.

#4

Re: a little different seller - Posted by Greg NY

Posted by Greg NY on February 09, 2001 at 12:36:28:

I’m going to take a stab at this one, let me know how i do:

offer #1: 115,000 cash

offer #2: 5% down seller fin. balance due in 6 mons

I’m a newbie, just wondering how that offer would be taken in the real world.

Greg Ny

#5

some more info about owner - Posted by AWWMi.

Posted by AWWMi. on February 09, 2001 at 12:12:28:

I was told this through the listing agent. An older gentleman owned the house. He reached a point where he could not take care of himself. The town government stepped in and brought the poor fellow to a nursing home last October… Somehow, the nursing home now owns this gentleman’s home and property (5 acres). They want to sell to help pay for nursing home care. Anyone see a motivation factor for selling on their part other than money?
Thanks

#6

new update Joe Kaiser ,etc. please - Posted by AWWMi.

Posted by AWWMi. on February 09, 2001 at 13:58:27:

Some information didn’t sound right so… I called the city hall. The nursing home does not own the property only has an interest in it for payment of care they provided since last October. The gentleman has since then passed away. He did NOT have a will. He has a relative that is handling the estate locally. It has now entered into probate court. How does that work? Somehow another local real estate company has an offer in on it. Trying to find out if this is a pocket listing or what. I am now going to work with the other realtor. I’ll post an update later.
Thanks

#7

Re: new update Joe Kaiser ,etc. please - Posted by Dave (CA)

Posted by Dave (CA) on February 12, 2001 at 14:50:55:

Sounds like the nursing home has a lien on the property for non payment of care. Talk to them and see what they will take. Maybe you can buy for a 50% discount. Of course you need to see what liens are ahead of that one to see if it still makes sense financially.