Re: Help, I got the property Now i’m Worried. - Posted by Mark-NC
Posted by Mark-NC on February 17, 2001 at 07:39:11:
The first thing I would do is be up front with them and tell them your concerns. Tell them that after looking at the whole situation it is a liitle too risky for you to take on if you bought it.The numbers are too tight and because the home is slightly dated It may take a special buyer to take this home in this price range. Tell them you would love to help them out but you also would not want to cause any problem down the road for them or you should you have trouble moving the house.
Tell them what you could do for them is put an option on it for 60 to 90 days and that as an investor you have many creative ways to sell a home and you are constantly dealing with buyers that may want a home like this. You could also include that you will creativly market it heavily during the time of your option.
If they won’t go for the option try suggesting an open option. If this dosen’t work and you feel this uncomfortable about doing this deal you need to let it go. It would be great to be the hero and help them out but you need to be carful. They have a problem, not you. But if you are the nice guy and buy it, the problem becomes yours if you can’t do anything with it.
If are really considering buying it, I would run a test ad to see what king of buyers it may draw before you made the commitment to buy it.