Posted by Jim IL on April 16, 1999 at 24:59:29:
Thanks for the kind words. Actually, my instinct on this one tells me that there will be little cleanup to do.
What I meant by NADA, was that I am merely starting to pay “rent” to this seller after they vacate, allowing me to get a T/B in and an option money check up front. I have no up front option money going out to my seller.
The end result, the seller does get some equity, but no where near what he could IF he wanted to really market and try to sell the home. He doesn’t know how, and doesn’t want the hassle.
This seller refinanced last year, and took the cash to put in EVERYTHING new. From the roof to carpet and a new kitchen and bathrooms. The only thing that was not new was the actual structure itself. He painted, wallpapered, drywalled, carpeted, new furnace, new kitchen and is a neat freak. The place is spotless.
This will be easy to show.
He even asked me if it was all right to allow them two days after they move out before I occupy it?
I asked “why?”, and he said," we just wouldn’t feel right, unless we can come in and patch the nail holes and touch up, then steam clean the carpets. You are really answering our prayers, and then on top of that, you’ll LET us stay ?til school is out." (I am a nice guy, LOL!)
This is a very happy deal, and the couple is GREAT!.
They wanted to know if it was “okay” to leave the shelving in the garage, because they cannot move it. It is a large workbench that he built, and will also help to sell the home.
This one was a lot of luck, and I’ll keep you posted on the end result.
This poor guy has tried to market his home alone for 6 months, but no one would buy it, and wait until school got out to move in. (he had four full price offers, but they wanted it NOW!)
Plus, he has only 5k equity in it, (he thinks, he ran his own faulty comps, oops!), so he wanted to get that, it just did not matter “when” to him.
So, here we are, and we are FLEXIBLE!
works for him and us!
Gotta love these kinds of deals.
P.S. Did I mention that in the last 5 years, this part of town has averaged 9-10% equity increase per year?
I know, sounds kind of high, but there are new developments, schools, and retail coming in still, so it continues for now. good for me!