Posted by M.T.(CO) on December 07, 1999 at 17:23:49:
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Motivated Seller…Need Some Help - Posted by Emmett-NC
Posted by Emmett-NC on December 07, 1999 at 07:46:23:
Hey all!,
I had a seller call me about her house. Been on the market for a year and listed with a Realtor. Seller called me with a big anti-Realtor vibe. She lives in GA and wants to sell her house here in NC. The house is a nice 3/1 brick ranch in a desirable area. Comps on the house are 50-55K. Mortgage balance is 10K with a $289 payment. Seller says she “needs” 35K to put back in her mutual funds, but I think if I make a good offer I can talk her down from that.
I was thinking of maybe doing a lease option for 45K to the seller and sell for 55-60 to a T/B. Any help from the experts would bee much appreciated. Thanks!!
Emmett-NC
Re: Motivated Seller…Need Some Help - Posted by Tim Randle
Posted by Tim Randle on December 07, 1999 at 08:28:03:
Emmett,
I’m no expert, but I have questions. Why would a “nice 3/1 brick ranch in a desirable area” sit for a year? What piece are we missing here? Either something is wrong with the house, the price, or the seller.
Is the seller truly motivated? She’s been paying $300 per month for a year now. Is the house vacant? What are the rents for the area? If she wants cash, can she refi and let you take the payments? Is she willing to wait possibly years for her cash on a L/O? I am curious where the 35k “went” in the first place. I’m not attacking the deal, but I doubt the pros can help much without more information. Thanks…
Update - Posted by Emmett-NC
Posted by Emmett-NC on December 07, 1999 at 19:28:11:
Tim,
Yes the house is vacant. The rents are 500-550. I cannot pinpoint why it has not sold. She tried to sell it conventionally with a Realtor only all cash offers for a year and only received one offer. The house is nice with good schools nearby. The area is usually requested from the potential T/B calls I get. So maybe the terms was the thing wrong with the house.
I talked to her on the phone tonight and will fax her my offer tommorow…
Lease Option for 45K
1 year with 4 rights to renew
Payment 289
Put a tenant buyer in for 2-3K OC
Option price 65K
Rent 550-600
1 yr term
I told her those numbers (except for the T/B numbers of course!) and she agreed over the phone. I will fax her my offer tommorow. Does that sound good all? Let me know your opinion. Thanks!