free and clear property--ready to let go - Posted by JoeMVDC

Posted by Matt PA on July 21, 2002 at 19:42:00:

Hey Joe,
I heard you shot your woman down.

Just kidding man. You are going to need to find out if the sellers are willing to owner finance or not. Don’t expect a deal if they are asking FMV (or above?). Even though free and clear and FSBO help the situation, you still need the motivation to put your problem solving abilities to action.

If I were you I would check out Finkel’s how-to of “How to buy Free and Clear Properties [part II]” and then go to the homeowners with his possible scenarios. But beware, it doesn’t take a genius to pay too much for a house.

Good luck in life - Matt Hegedus

free and clear property–ready to let go - Posted by JoeMVDC

Posted by JoeMVDC on July 21, 2002 at 13:08:04:

I have come across a free and clear property and it is a FSBO.

The asking price is at or over the FMV and it does not need much work. Owner is a woman who just married a man with another house in the same town. So woman moved in with man and is selling her free and clear house.

I talked with them and it is hard to find much motivation for selling it quick. I figured even I offered to rent to buy it at a 80% of FMV, or owner finance, and then l/o it, it is hard to get a positive cash flow.

So, I am ready to let it go. I’d appreciate any opinion regarding how I might structure a profitable deal on it.



Matt and Don, thanks… - Posted by JoeMVDC

Posted by JoeMVDC on July 22, 2002 at 07:09:43:

Thanks much for the responses. Yes, I have tried Finkel’s “part II” with the woman, and she is not moved a bit. I don’t think any deal can be made here at this point (unless all of the sunden, she is moved somehow and call back) and it is time to move on.


Why buy? - Posted by Donald

Posted by Donald on July 21, 2002 at 22:04:52:


Why would you want to waste your time and money buying a house at or above appraisal?