Posted by Len(NYC) on October 05, 2001 at 09:19:11:
Thank you for replying, I know what you mean about the sellers seeming unmotivated and just looking for a retail price, but I guess Im not expressing their motivation correctly. They want to move down souht in 3 months, I spoke to them again yesterday and explained to them that it wouldnt be in any of all our interests to try and sell the home for 255k (retail) or even 240k. I also had to remind them of the current market in the NYC area (world trade center) and how many people are hesitant to do any major purchases, and that the target group that I will be looking into selling to will be investors, and being that the case i would need the price to be more down. When they asked me how much , I told them that based on just jotting down some numbers off the top of my head, some where between 212- 230k. Which will leave them in the range of being able to leave with 50-60 g (159,500-215,00) I was surprised that they instantly didnt laugh and I guessed it helped that I mentioned the number of 50k or better.
They are pretty motivated and seem to even be open to the idea of taking a chunk of cash now and maybe taking the rest at later time, maybe 1-2 years later
(since I told them that might be how long it will take to have someone qualify) Again they were interested in that as well.
It seems they wanted to play high numbers in the beginning but after the fact of the market being the way it is, and the numbers of 50k in the bank , I could just smell their motivation.
So here are my options now , even though Im not a 100% sure of how to execute it.
home for 220,000…Get buyer to buy home for 230-235k.
Not sure what this would be considered but get buyer to put down 80k for home, give seller 60k and have the buyer take over the loan subject to. These numbers can all be played with of course. Since their mortgage rate is high at 10% Im assuming that who ever goes into this property would probably want to refinance.
Any suggestions will help, One more thing I have a person who has been looking into properties in the same area that im working on, and has just told me that he has 60k to put down as a down payment. The rest he would be willing to refinance. Interesting?