Potential Big Deal on $300K home and need advice - Posted by Earl
Posted by Earl on November 11, 2000 at 21:14:36:
I talked to a seller today, who has home in nice area worth about $300K - 310K. The home is 4BR/2.5Ba, 2722 s.f., the home is about 25 years old, and has an above ground pool. She had it listed originally for $350K and dropped the price to the low $300s, because the home has not sold in 4 months. She has underlying owner financed loan ~$65K and $1000/mo. pmts. She is divorced and wants to move to smaller home. She says, she only wants to get at least $200K out of the home so, she can buy another home.
I would like to know, what kind of offer I should make on the property. My plan would be to either, let her refi and pull out cash, then put loan in trust. So I can sell l/o or owner finance with 2yr. balloon. Or try to assume her loan and get loan for $135K to pay her so, she can get another home. I think the owner is anxious to move, because she told me that she has been packed for at least 2 months with boxes stored in the garage.
I am going to meet the owner on Monday at the home, to inspect it and make an offer to help solve her problems.
Any suggestions, would be appreciated.