Posted by tang-0-rang on March 19, 2000 at 10:21:25:
If this property has been on the market since NOV. then it may be at the end of the listing contract with the realtor FIND OUT…Then use this bargening chip for making this deal happen.
Todd Williamson
Lease Option Possibility, Joe K., Bill B. and others - Posted by Sally
Posted by Sally on March 17, 2000 at 18:42:20:
I have been looking at buying another home to live in and renting out my current residence. The property I just looked at is listed for the high $400’s, which is FMV (very upper end neighborhood with unbelievable water views)and the sellers are ‘motivated’. I have been inside the property and although it is a great house, the floorplan is not ideal for us. However, because they are very motivated I hate to let it drop at this (they have already moved to Vegas) and the property has been on the market since November, and they are getting antsy. I am thinking of doing a sandwich lease option and would like some ideas. The owners own the property free and clear and are open to some owner financing, but not all and there is a Realtor involved as well. There has been very good appreciation in the area and it is one of the most desireable with great schools. Any ideas at doing something creative?
Re: Lease Option Possibility, Joe K., Bill B. and others - Posted by Bud Branstetter
Posted by Bud Branstetter on March 18, 2000 at 15:58:35:
Upper end houses are much more difficult to sell as they have found out. You do not want to take a risk. With 25-30K going to a realtor much of your profit is eaten up. The play I would do is either take an option and seen if my ability to do a note with a downpayment and owner financing can let me do better than the realtor. How to structure a deal is dependant on how much cash, how soon, and owner financing at what rate and terms. A L/O on this may command no more than 2-3K monthly. If you had some second mortgages they might take those with some cash. Just don’t put out money until you know the out.