Looking for suggestions, please - Posted by William, Columbus, OH
Posted by William, Columbus, OH on June 06, 2000 at 22:37:56:
I have a prospect that is in trouble but won’t go for my buying his property “subject to”, or for a lease with option. I mentioned a possible option to buy and he didn’t choose that, either. He doesn’t like the idea of the note staying in his name because his mother advised against it out of fear. He owes about $135,000 on a 1st and 2nd mortgage and feels the property is worth about $150,000.
I don’t believe it would sell for that (unless I offer it with seller financing) because it is in an area of new homes where people can pay that and get their choice of colors, carpet, woodwork, etc. His note is an ARM that increases 1% yearly and is presently at 7.66% with 358 months remaining and his 2nd for $11,000 is at 11% with
168 months remaining. Were I to pursue an outright purchase I don’t see that I have anything to work with in attracting a buyer, whereas buying it “subject to” would allow me to promote seller financing and carry paper for the difference. Any suggestions on how I might pursue this differently? Respectfully, William