Posted by Bill K. (AZ) on May 10, 1999 at 21:51:09:
I hate to be the wet blanket, but I don’t see the deal here. You’re essentially paying market value for the property. Your seller doesn’t sound motivated to me.
In addition, what is your plan for marketing this property so that you get $275,000? An agent has been trying to sell it for just $5,000 more for, I assume, at least 3 months without success. What do you have to offer that would entice a buyer to make you an offer at that price?
Finally, if the comps for this home are $280,000, and you’re NOT using a realtor, you’re potential buyers might expect you to reduce the price by 4%-6%, the realtor’s commission.
On the bright side, if the seller is just letting you “in the ballgame” to see who can sell it first, I don’t see a real problem. Maybe you will get a buyer when the local RE agents couldn’t.
If you proceed with this, let us know how it turns out.
Bill K. (AZ)