With the limited amount of info you gave, it is almost impossible to determine anything.
How much does she owe on the house you want to purchase? How close is she to getting mortgage lates on her credit, which she should be wary of? etc.
Offer 65% of the FMV or figure out the amount that you want to pay and submit an offer with weasel clauses like, contingent upon attorneys approval. Then, if she counters and after more conversation, you can counter with your real offer.
Consider offering to buy Subject to. If she accepts, you will know that she is pretty motivated.
I was looking for a house for myself and found a FSBO. I called them and used some of the script techniques described here.
This is what I found out. The owner bought another house 10 miles away for 400K. The asking price is 159K She has been paying both notes for four months now and is kind of desperate. She is a lawyer though.
How would you approach this? Just Lowball offer? Take over payments?
When I thought I knew it all, the real first deal comes along and suddenly I feel stage fright!
My purpose is to get a house for myself, but she is asking FMV…Any creative minds out there suggest anything?
Thanks and keep posting!
Etalbert
Re: Is she motivated? Advice please - Posted by Shawn Dostie
Posted by Shawn Dostie on March 03, 2002 at 17:38:44:
The first question as to how much to offer most likely will be related to how much she owes on the first property. If you can cash her out or she loses a minimal amount she may be satisfied. The other part of the equation is if that amount makes financial sense to you the investor. Also how are you equipped to pay her? What are the terms? Cash is King, but a creative finance scenario may be available, although it may cost you more. Finally, if she is an attorney make sure you close in your atty’s office and try to make sure that the language favors you.