FSBO seller moved to another city - Posted by Mike Freeman
Posted by Mike Freeman on June 29, 2003 at 12:06:55:
I am posting this message in hopes that someone with more experience than I have can offer some advice.
Last week I found a house FSBO with an out of town phone number on the sign. I called the owner and it turns out her husband was laid off and they moved so he could get work. Now they are making two house payments and want to sell this house quick.
She said the house is not listed anywhere and no one has looked at it. It’s been vacant almost 2 months.
She is driving back to town later this week to show it to me.
This home does not appear to be a rehabber from the outside. It looks to be in great shape.
Now I know I need to find comps etc, but I don’t know where to look. She is asking 97,000 which seems to be high. I looked up the county tax appraisal and its appraised at 78K. Another home in the neighborhood is selling for 80K but it is a run down house on ugly property (and listed with a Realtor).
She said her mortgage payments are $420/mo. Houston rents for a 3br average at $1060. I have friends in the area who rent a 3 br for $1050.
I have a gut feeling that this could be my first deal, but I am unsure how to proceed. I could try to buy and flip (if I can get the price reduced significantly) or I could try to secure a L/O (which would take the burdens off of her), but I don’t even understand what forms to take with me. I’ve tried finding someone more experienced to help me in my area (Houston) but haven’t had any responses yet.
You know, I’ve read so many articles, books, websites, and BB posts over the last month or so that it’s like one big encyclopedia with no index and no table of contents.
I know one thing. I have someone here who really needs to sell this house ASAP.
Any specific advice would be greatly appreciated.
Mike in Houston