motivated seller called… - Posted by vladimir_Chicago
Posted by vladimir_Chicago on October 25, 2000 at 08:24:18:
…asking me to “just take” her house.
She lives in one of the more expensive neighborhoods, where 3BR, 2BA house prices range from $199K to $350K.
This lady has a 3BR, 2BA, 2c garage house with approximatelly 20K equity in it, she plans to sell at her mortgae ballance of $190K. However, finding buyers in the price range may be somewhat difficult.
Reason for seller’s motivation are–
- Loss of second income
- High PITI payments, around $1800/mo, however, seller is willing to lease with opt. the house to me for $1500/mo, as long as the lease is a short term (1-2 years maximum).
From my study of the market in the area, I know that I could lease this house with opt. for about $2000/mo.
I intend on marketing this home and sell with owner financing or lease with opt., though lease with opt. seems to have less risk for me. However, I want to help the seller out as well.
From what I know so far, the best place for finding potential buyers for this price range is to–
- advertise in a major city newspaper (such as Chicago Tribune, etc) AND
- talk to mortgage brokers and find out whether any of their clients ALMOST qualifie for a 200K loan.
- And signs around neighborhood.
Any further suggestions? Thanks in advance.