Posted by Irwin on April 30, 1999 at 24:42:14:
Sorry, but I have no idea. To me, these properties are economically unattractive.
How do I structure this semi-desparate sale? - Posted by Matthew Jurgens
Posted by Matthew Jurgens on April 27, 1999 at 24:09:54:
I have a potential seller who has bought other property and needs to sell his current 2 properties to finance the new one. One is a rental and he lives in the other one. They have been on the market for 3 months now and no buyers have appeared. He has already dropped prices from $300k to $265K and $214k to $185k. I sense an opportunity but am unsure on exactly how to proceed. I would greatly appreciate any ideas on this one. Thanks
Re: How do I structure this semi-desparate sale? - Posted by Bud Branstetter
Posted by Bud Branstetter on April 27, 1999 at 10:34:17:
You need to know if he needs a certain amount of cash or is it debt relief to satisfy ratios for his new loan. The top 10% of the sales price is vapor. What does he really need.
Re: How do I structure this semi-desparate sale? - Posted by Irwin
Posted by Irwin on April 27, 1999 at 07:47:07:
Asking prices don’t mean much. What are the properties worth? Depending on where you are, homes in this price range can be tough to sell. You have to figure your cost of holding them for an extended period of time into any investment equation.
Re: How do I structure this semi-desparate sale? - Posted by Bud Branstetter
Posted by Bud Branstetter on April 27, 1999 at 20:23:59:
Included in that last ten percent can be closing costs if you have to pay a realtor, Owner’s estimate of what it is worth, appraiser view that it isn’t worth that, and finally buyers willingness to pay the asking price. You have told us no one has up to now.
Re: How do I structure this semi-desparate sale? - Posted by Matthew Jurgens
Posted by Matthew Jurgens on April 27, 1999 at 15:10:22:
Thanks for the prompt reply. I’m not sure, but I’ll find out. In the mean time, can you please give me some hints either way. Can you expand on your comment about the top 10% is vapour? Thanks
Re: How do I structure this semi-desparate sale? - Posted by matthew jurgens
Posted by matthew jurgens on April 29, 1999 at 23:09:06:
Ok. I’ve got more detail now. He is not desparate for cash but wants to sell.
Property 1: Current Market Value is $185k, Purchased $214k, Equity $205k, market rental $280/wk
Property 2: Current Market Value $265k, 100% equity, market rental $320/wk
He has purchased and paid for $211k land elsewhere and wants cash to build a house with.
What options do we have?
Re: How do I structure this semi-desparate sale? - Posted by matthew jurgens
Posted by matthew jurgens on April 29, 1999 at 23:08:21:
Ok. I’ve got more detail now. He is not desparate for cash but wants to sell.
Property 1: Current Market Value is $185k, Purchased $214k, Equity $205k, market rental $280/wk
Property 2: Current Market Value $265k, 100% equity, market rental $320/wk
He has purchased and paid for $211k land elsewhere and wants cash to build a house with.
What options do we have?