Take this Subj-2 or pass? - Posted by Craig (IL)
Posted by Craig (IL) on February 16, 2002 at 14:25:35:
Century-old 2Br/1Ba w/ 1-car detached garage, remodeled inside over last 10 years including foundation work, new furnace, new roof, new electical. Sold FHA 3.5 yrs ago.
Owner already moved and the extra mortgage is hurting. Tried for 1.5 years to sell it and hasn’t been able. I dpn;t knwo his history of tryign to sell it. Currently teh owner is asking 80K, and admits he’ll take what he can–just wants out. Owes 72K, current PITA is $725.00. I’d take it subject-2 for amount owed plus current owner makes next three payments.
The problem is that it is only 2BR’s–the price is too high for buy and hold as a rental. It may take a while to exit. Older 2Br’s are common in area, but the size and age reduces the market condsiderably. I don’t believe I want to offer a l/o; I figure if I’m doing him a favor on a slim deal. . . . I’d exit in l/o for $79,900. I’ll get that but it could take a while.
If I had to make a couple of payements before I got a t/b, I could manage. Of course, that would cut into an already slim margin. Should I go for it or pass? What do any of you think?