Posted by Gerry on May 13, 2007 at 12:11:34:
I don’t understand why you would have a problem with offering 100K for a property that is “worth” 160K.There are many sellers that are not financially motivated. They have a house and they want it gone, they don’t want the hassle associated with selling through traditional channels.You would provide them with a valuable service by delivering instant liquidity along with a timely, hassle-free transfer.
I have purchased 200+ homes at 50%-70% of market value,at the time of purchase. I am up front with the sellers about my profit motive, I go so far as to disclose what I plan to sell the house for and what my target profit should be. If they have a problem with me earning a profit, I move on.Not one seller has ever complained that I took advantage of them, some have even referred me to others that want to sell hassle-free.“Nothing astonishes men more than common sense and plain dealing”.