Posted by Michael Morrongiello on March 27, 2001 at 19:25:24:
Is this an investment or a home you MUST have? I learned early on that you shouldn’t get emotionally attached to a property unless it might be desired as your home.
One thing that appears clear, is that these owners may be motivated. Will they let this home go real cheap? Who knowns? So get a hold of them, see if you can cut a deal with them that you & your spouse can live with and be happy with. If it turns out that you acquired the home below market, so much the better.
With the kind of equity they have in this home, there are ALL sorts of offers you can make. You can try to low ball them (or steal the home, you can see if they will carry back the financing for you under favorable terms?, or perhaps you can cash them out for part of their equity and get them to hold the remainder in the form of a subordinate 2nd lien that would have VERY “Soft” repayment terms. The possibilities are endless ONCE you find out that they really NEED and how you can acheive that in your offer.
To your success,