Found a motivated seller!!! Need Assistance - Posted by ETinoco

Posted by Tom NH on April 12, 2006 at 22:37:24:

I don’t see how the seller is going to get an assignment fee, you’re going to get an assignment fee, and how the end buyer will have any sort of equity. Doesn’t look good to me…

Found a motivated seller!!! Need Assistance - Posted by ETinoco

Posted by ETinoco on April 10, 2006 at 19:07:53:

Hello everyone, I started bird doggin in Blue Springs, MO about 2 weeks ago. I’ve found an investor that buys in Kansas city, mo, looking to build his rental portfolio; and recently a woman selling in the same city called me saying that she would like to sell.

here are the facts:
The woman selling the 1000sq/f home is a real estate investor. She has the property under an assignable contract with no contingencies. Comps are going for about 123K and the property is tied up for 109K. The property is in move-in condition which fits the criteira of the investor looking for rentals, no liens and back taxes and It’s around good schools, Full basement, good-sized back yard with shed, and clean carpet.

The contract expires May 1, so she wants to assing the contract by April 30. She is an out of town investor, she has also already bought another home so she needs to get rid of this one, and she is going home this saturday.

What approaches can I take to this deal and what information should I provide for the buyer? He uses financing to purchase homes and his price range is up to 100k so we’re in the ball park. The seller still wants an assignment fee, but said that “she’s willing to talk turkey”. I have no idea how to go about this deal and would greatly appreciate any advice on this deal. THANK YOU

Re: Found a motivated seller!!! Need Assistance - Posted by IB (NJ)

Posted by IB (NJ) on April 11, 2006 at 24:53:07:

First you say: “Comps are going for about 123K and the property is tied up for 109K.”

Then you say: “He uses financing to purchase homes and his price range is up to 100k so we’re in the ball park.”

Maybe it’s too late for me to get this. But explain again how he’s going to pay more than the $109k the property is tied up for when his max purch. price is $100k?