How to handle this unique call? - Posted by Debby in Houston
Posted by Debby in Houston on April 09, 1999 at 21:23:37:
Got a call from a fellow who asked me if I would be willing to buy the house next door to his mom (a fixer-upper FSBO) then sell it to him so he can be next door to his mom, cuz his credit’s not great and he doesn’t have the $13000 cash asking price! Says he can afford pymts of $450. Told him I would look at it and call him back. It needs about $6K of work if I retailed it on the normal market, but he says I don’t have to do anything, he’d buy it as is and fix it up himself. I think after repaired value is about $35K but having a hard time finding comps. Thinking of offering to buy for $10K cash and selling as is to the guy for $20K, with a 7 yr. contract for deed with pymts of $386 +$50 escrow ea month (that’s 15% int). Is this usurius, unethical, outrageous, normal? I doubt that the one window unit a/c even works! Leary of tying up my 10K but can’t use private funds w/15% rate for this. Comments, suggestions?