Posted by JohnBoy on May 27, 2000 at 24:51:42:
Is the $99k the seller is willing to take after the realtor is out of the picture or is this with the realtor involved and needing the $4k to pay off the realtor commission?
Since the seller isn’t looking for much out of the deal except to just get out from under the payments, a couple of options to pursue are doing the deal “Subject To” or doing a Lease Option.
Instead of renting for the $950, L/O it for $1200 or sell on a wrap for full market value at a higher interest rate. You collect a down payment and create a nice monthly cashflow from the spread.
If you’re planning on doing something with this after the listing expires then make sure you read the listing agreement. Some agreements may require a commission to be paid within x number of days after the listing expires. Also check to see if the listing pertains to any lease option agreements. That would be one way around the issue.