Helping a Neighbor - Posted by Ina Biss

Real Estate Investing
1

Posted by Michael Morrongiello on March 12, 2001 at 17:37:37:

Ina;
Sounds like you have a seller that is motivated and willig to be flexible, (2) two vital ingredients to making a creative transaction become a reality.

To your success,
Michael Morrongiello

2

Helping a Neighbor - Posted by Ina Biss

Posted by Ina Biss on March 10, 2001 at 16:39:05:

My Neighbor, a 78-year-old lady, would like to sell her house for $135,000, and I would like to help her, for I believe there has to be a solution.

The house is $135,000, 4BR 3 BA, 4,000 SQFT Living Space, 2-car garage on 2.78 AC, school and small private zoo close by, but in West-Odessa, TX, where home value averages are on the lower end.

It has not sold for 6 months, and she would like to move South soon, where her children are.

I want to take digital pictures, and tell a story about it, but am quite new to Creative Real Estate for the purpose of making the deal appealing.

Would you know one or the other angle to approach this, and to find her a qualified buyer?

At present, everything but the price could be negotiated.

Thanks!

3

The Magic Words Are… - Posted by phil fernandez

Posted by phil fernandez on March 13, 2001 at 09:17:17:

… " Owner Will Finance". Those three simple words will get your phone ringing and usually results in a fast sale. By offering owner financing you are opening up your market to a larger cross section of buyers.

Your neighbor could then sell that created owner financed mortgage for cash at the closing table.

4

Re: Helping a Neighbor & Profit as well - Posted by Michael Morrongiello

Posted by Michael Morrongiello on March 11, 2001 at 19:42:11:

Ina:
I assume that you are looking to purchase this home for investment or perhaps to quickly resell and make a profit?

What you did not address and would be helpful is the following:

  1. What is owed against the home in debt by your 78 old neighbor? or is it FREE & CLEAR of debt

  2. If you could close quickly with her (in 2 weeks lets say), what is the least amount of Cash she would take to sell now so she can get on with her life?

  3. What type of condition is the home currently in? Does it need some sprucing up? Does it have defferred maintenance items that need to be addressed?

  4. Do you have any “feel” for what a “retail” buyer would pay for the home assuming it was in top conditions and showed well?

To start walking down the path to a “creative soulution” for your neighbor some of this issues need to be explored.

To your success,

Michael Morrongiello

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Re: Helping a Neighbor & Profit as well - Posted by Ina

Posted by Ina on March 12, 2001 at 16:05:49:

Hi Michael,

Thanks for your response.

  1. What is owed against the home in debt by your 78 old neighbor? or is it FREE & CLEAR of debt

The home is free and Clear.

  1. If you could close quickly with her (in 2 weeks lets say), what is the least amount of Cash she would take to sell now so she can get on with her life?

$25,000 to purchase another house in Austin.

  1. What type of condition is the home currently in? Does it need some sprucing up? Does it have defferred maintenance items that need to be addressed?

Move-in condition, no deferred maintenance. All in working order.

  1. Do you have any “feel” for what a “retail” buyer would pay for the home assuming it was in top conditions and showed well?

$135,000

She wants to be cashed out.