Posted by Earl on November 13, 2000 at 14:32:13:
Ed, I would say the house worth $300K in the area. I am considering taking it as subject to deal for $270K. My payments will begin, once I find a suitable tenant buyer to l/o it to for $349K with at least 3-5% down and pmts. around $3400/mo. The house is not in excellent shape, so $350K. What would you do with deal Ed?
-Earl-
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.
-Earl-
Re: Potential Big Deal on $300K home and - Posted by Houserookie
Posted by Houserookie on November 11, 2000 at 22:44:50:
Why hasn’t she sold the home in four months?
Re: Potential Big Deal on $300K home and - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on November 12, 2000 at 20:41:48:
If you will just do some quick number crunching you will figure out why the house has not sold.
Listed for: $350,000.
Seller will take: $200,000 ($135,000 cash and take over $65,000 existing loan).
$150,000 OVERPRICED. That is the reason that the house has not been sold.
Re: Potential Big Deal on $300K home and - Posted by Earl
Posted by Earl on November 13, 2000 at 11:43:59:
Ed, listed price has been reduced to $315K. The $350K price was the original price.
-Earl-
Re: Potential Big Deal on $300K home and - Posted by Earl
Posted by Earl on November 13, 2000 at 11:40:47:
Ed, I just had an agent do some comps for the area today and 3 houses sold in August and September of this year from $280K - $350K. They were 2680 - 2834 s.f., this home has 2700 s.f. There is house on the next street with 2400 s.f. that has an offer pending, and it is listed for $310K.
I have a meeting with the owner tonight, I intend to get her to refi and pull cash out up to $240K and hold a note for $30K due when my buyer obatins a new loan. I can take over loan subject to and lease option the home out for $350K, try to get at least $10K - 18K for option money, monthly rent payments ~$3400/mo. Or maybe it might be better to sell owner financed with about 10% down and a balloon due in 1-2 years.
-Earl-
Re: Forget the numbers - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on November 13, 2000 at 13:53:33:
Overpriced is still overpriced, and that is why the house has not sold.
Re: Potential Big Deal on $300K home and - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on November 13, 2000 at 13:49:35:
So now you know where the buyers went (and spent thier money) when they ran away from this overpriced listing. They went shopping and created the comps that you are now using.