Experts Opinion Needed - Posted by CurtNY
Posted by CurtNY on May 01, 2000 at 08:43:11:
Last week I called on an ad in the paper. Handyman special, possible owner financing $80,000. call xxx xxxx. Figured it was probably an investor, so I called to see if they would be interested in flips. Well I was wrong, a couple owns the house, heres the details: Built in early 1800’s, 3bd/1bth. NO Mortgage. The owners tried a lease option but the buyer tenant never finished the repairs and the repairs he did make wouldn’t pass inspection anyway. Not interested in another lease option (don’t think it would work anyway-too many repairs needed) Told him I would fax over an offer (preferably two) this afternoon. Here’s my thoughts:
ARV: $115,000-$120,000 (three solid comps in same neiborhood)
1st Offer: $500 down, All Cash $36,214.00 (looks better with all those #'s)Contingent on buyers approval of home inspection
2nd Offer: $1,000 down, $50,000 purchase price, owner holds a mortgage for 9 month balloon, no payments. Contingent on buyers approval of home inspection (I’m not so sure about the second offer, but with the high repairs I won’t be possible to make payments. Any suggestions would be greatly appreciated) Well let me know you think.