Posted by TC on February 09, 2002 at 21:43:52:
Brent,Sorry but sometimes I’m not real good at explaining.Let me try again.
The home was purchased 3 years ago.The purchaser is a Corporate attorney which made a pretty substantial down when he had this home Custom Built.One and a half year ago he got a divorce.Has been remarried about eight months ago.The new wife does not want to live in a house the exwife had a part in designing so the attorney moves in to hers.He has been making 2k payments since with the house being vaccant.The lot is a little over a half acre by the lake and golf course.Still several vaccant lots for sale in the area.For some reason the inside was never cleaned before listing.Two homes in the same developement ( Comparable ) have sold for the 320k to the 340k range.So I am taking a conservative 310k for market value. He will take the balance of the mortgage of 248k.I do a 30 day option to purchase,Advertise for sale with “Easy Qualify,Low Down” to attract a larger market.Do a double closing and walk with a nice check.
I am out a little time in cleaning the place , advertising cost and the Hundred Dollars I give him for the Option.If the house does not sell in the thirty days I will have the option to renew for an additional 30 days for another Hundred dollars.