motivated seller- i am a newbie - Posted by david

Posted by Nate(DC) on January 27, 2002 at 12:35:42:

Mike,

If you email me privately, and I am not too busy that day, I would be happy to help.

NT

motivated seller- i am a newbie - Posted by david

Posted by david on January 23, 2002 at 12:40:43:

have a motivated seller in the baltimore area who wants to sell me a rehab for $10000.00 (negotiable). motivated seller has moved to florida and the property just sits there with no teneants. my problem is i have bad credit and not enough money to fund the deal myself. seller is willing to finance deal (with little money down) but then i still need money to rehab. property is free and clear of any liens.

any ideas or other creative financing techniques is much appreciated.

Re: motivated seller- i am a newbie - Posted by Shawn MM

Posted by Shawn MM on January 23, 2002 at 14:22:27:

David,
I am a newbie as well, but my guess would be to do some comps in the area to see what similar homes have sold for. Obviously this one needs work, so deduct the cost of repairs from your comp.
I’d say there’s a deal here if he’s asking $10,000 and is negotiable. I’d present him a low-ball offer and have him finance YOUR asking price, with your first payment not due to him until 60 days. (Remember, he’s the one in a jam, not you. You set the rules.) That will allow you enough time to place an ad in the paper as a “fixer upper” and sell it to a handy man for a nice little profit.
Owner-financed price of $6,000
Place “Handyman special” ad in paper.
Sell to handyman for $18,000, pocket the difference.
Now I’m obviosly guessing the selling price of
$18,000, but you get the idea.
Good luck and keep us posted.

Shawn MM

Re: motivated seller- i am a newbie - Posted by Nate(DC)

Posted by Nate(DC) on January 23, 2002 at 14:40:10:

Shawn,

I agree entirely. Having some specific knowledge of the Baltimore market, I would STRONGLY advise David to check comps. There are many parts of Baltimore where you couldn’t give a house away; it’s entirely possible that $10,000 is very overpriced, cheap as it may sound.

In fact, if David wanted to email me, I’d be happy to pull some comps for him, free of charge. I am an agent and have the MLS on my computer.

NT

Re: motivated seller- i am a newbie - Posted by Michael Strickland (MD)

Posted by Michael Strickland (MD) on January 24, 2002 at 20:08:56:

Nate I too am in Baltimore.
If I ever finally find a motivated seller would you be willing to pull some comps for me also?
Any response is appreciated…
Thanks