Newbie Question on Possible 1st Deal - Posted by Sylvia S

Posted by Jason_VA on March 21, 2000 at 16:20:24:

What makes you think she wants bank finaincing. Did she say she needed the equity in cash? Worst case, you submit, and she refuses. Also, you could not ask her, and you still dont have a deal. Same result either way!
Also, whats your exit stretegy, can you rent this house and cover mortgage? Do what the xperts here do, and place the maximum you will pay for this house, and if she wont do it, and wont do terms, then move on.
my $.02

Newbie Question on Possible 1st Deal - Posted by Sylvia S

Posted by Sylvia S on March 21, 2000 at 14:37:22:

I talked with a seller who is really wanting to move her house. They are moving and need to sell. I asked if she had many offers and she said verbals were all she got and that she is looking for a contract before concidering anything to be solid. She said the house is like a model on the inside but needs paint badly on the exterior. I kinda sensed that she is looking for bank financing. I don’t want to do that and was wondering if I submitted a Lease Option offer to her would she accept it? I have been told that “Ya never know until you ask” Is this really true? Is it worth my time to draw this up and submit it? Her asking price is $120,000.00 Comps run about that for similar properties. But this house needs work. I was thinking of offering around $105,000.00 on a lease option agreement for 24 months and I’ll have the work done myself. What do you guys think?

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