Debra,
I would go and talk with her some more. You said she is getting out of the RE biz? Then ask her “why”?
Is it that she is tried of landlording?
Does she enjoy the cash flow but not the calls to repair things etc.?
Maybe once you know more about her situation, then you can make a multiple offer.
Make an all cash LOW offer, make a L/O offer, and an offer where she carries the paper.
If she is stuck on cash, and wants a higher price, see if she’ll take 50% now and 50% later.
or
See if she’ll carry two notes, a first with a LOW LTV and a second. She can see the first, get her cash and then still have a cash flow.
But, I’d still want to talk to her again and see what makes her tick.
Posted by Debra(SC) on January 18, 2000 at 14:26:28:
About 1 1/2 months ago, I called a FSBO, who was an elderly lady who was also a semi-retired RE agent (It had to happen to me, a newbie). She was selling a house in my old neighborhood, so I knee about how much the house was worth and what other similar houses had sold for and her selling price was right on the money. It’s a small, clean house, but she rented that house and rents many others and didn’t want to rent anymore because she was getting out of the RE biz, so she didn’t care for a L/O. She owns the house free and clear. By the way, the house is in a flood zone, which I already knew. When I asked her about it, she broke down and told me she had a sump pump installed, but never had any problems with flooding?!?!?!?! The house does sit rather high. Then she began to tell me about how she can’t get anyone to qualify for a mortgage and that she has an 800 number she calls to see if prospects can get a loan. Nothing! Anyway, I told her okay and hoped she sold her house.
I called her last night and she has been out of town, she’s been sick and hasn’t been able to do anything as far as selling the house. I told her that I would get back to her and let her know about some ideas I had and she said ok. She seems a little more interested now.
Now, this is where you all come in. I thought I would offer to buy the house at $33,500 (she is asking $40,500) and try to get a buyer for her before my 30 days ran out and also ask if she would like to try a L/O again or owner financing. What do you think?