Posted by Jim IL on January 09, 1999 at 20:52:20:
I had a phone call tonite from a friend, who knows a couple going thru an amicable divorce. They want to sell there home NOW. I know they are motivated, especially after talking with them. I just don’t have a clue on how to handle this, or if there is a deal here? I’d love to help them while helping me make some money, any ideas would be appreciated.
Heres the home and some details:
3BR,2Bth,1 car att.garage, Good shape, needs NOTHING.
They do NOT have a set price “yet”, and they want it sold yesterday.
The home was appraised twice, and came back at $149,900, which fits into the range of the recent sales for the neighborhood. Sales range from 135 to 195k, but there is a diverse range in home type here. some big, some small, this one fits in the middle.
They owe $116,000 on the mortgage, which is FHA, but from 1991. (assumable, but you have to qualify, and I do NOT)
I know this home will sell pretty quick retail, but not as fast as they want out of it.
I have NO cash, BAD credit, and No idea of how to structure this deal.
I’d love to “flip” it, but frankly, I don’t think there is enough room in it to do so, and give them the money the seem to imply they want. Also, my list of buyers for wholesaling all want homes for 70% FMV. These people will not take a loss, and as you can see, they owe more than that on it.
Since they are divorcing, a L/O doesn’'t seem like it will work, but then again, I’m a newbie and don’t know?
Any ideas here would be really helpful.
I don’t need to make a bundle on this, just enough to goto DALLAS in March.
Thanks in advance,
P.S. I did get the “sellers” to agree to NOT list it yet, at least until I can try to come up with an offer. They also know that listing it may take a while to sell it, and do not want to pay any commission.