Posted by Maggie on March 09, 2000 at 21:34:16:
Please see my post above subject:
Creative financing AND deal with Realtor’s %?! How?
I seem to have forgotten to mention that she already listed her property with a Realtor in Jan. Problem.
HELP! Stumbled upon motivated seller and don’t know what to do. - Posted by Maggie
Posted by Maggie on March 09, 2000 at 15:53:32:
I am a true newbie and am still listening to my new courses from the convention, totally not prepared to make a deal. However, while driving through a prestigious new country club neighborhood today picking up data sheets for fun, a wife and husband flagged me down while jogging to ask if I was looking to buy a house on the golf course there. Come to find out, they are moving in two weeks to Seattle (we are in AL) and haven’t sold their house yet, are asking seemingly below FMV (I haven’t learned comps in the area yet, but see that they are asking about $30,000 less than comparable data sheets in the neighborhood), and were rather animated about showing me their house immediately, so I’m guessing that’s motivation.
It looks to me as though a L/O would be the way to go as long as I could secure the home for considerably less than FMV, and would then just need to be able to make the payments until I found a buyer. The house is practically new, so probably needs very few if any repairs. The entire subdivision is only five years old. My problem, I haven’t broken open my L/O course yet and only know what I’ve read on this site. They are asking $329,900 for the house (it’s been on the market since Jan.) and will surely come down on that due to their panic to sell it quickly. I would think they would be happy to have someone (me) take over their payments while they make payments on their new house in Seattle, but I just don’t know how to start this deal.
Can anyone help? I feel like this is a good opportunity to work with motivated sellers, but I don’t think I know enough to do it without help.
All of my appreciation goes out in advance.
Re: HELP! Stumbled upon motivated seller and don’t know what to do. - Posted by Paul_NY
Posted by Paul_NY on March 09, 2000 at 21:29:50:
Maggie,
Why not try to get the deed? Offer to take over the payments, taxes, upkeep, etc. until you resell. If they want some cash out of it, you can always cut them in on the profit after resale.
Just a thought
Re: HELP! Stumbled upon motivated seller and don’t know what to do. - Posted by Warner(ATL)
Posted by Warner(ATL) on March 09, 2000 at 16:28:39:
Maggie
Looks like you know what to do however you need detailed (step by step) instructions on what to do. I would break open that L/O course immediately and follow along. With the course and the people on this board to help you with questions, you should be O.K.
Every deal in real estate lives and dies by knowing the value of the property. Get proof of the market value of the property from a realtor, appraiser, or anyone besides the homeowner.
Also, be careful of the higher priced homes (In our area 329K is the higher end of the market). They tend to sit on the market longer than your typical middle class “bread and butter” priced homes.
Good Luck
Warner